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Coronavirus deals one-two financial punch to state budgets

1 month 4 weeks 1 day ago Friday, March 27 2020 Mar 27, 2020 March 27, 2020 3:46 PM March 27, 2020 in News - AP Texas Headlines

By GEOFF MULVIHILL
Associated Press

The coronavirus is pounding state governments with a financial one-two punch, costing them millions to try to contain the disease just as businesses are shutting down and tax revenue is collapsing. The sharp drop in revenue could jeopardize some states' ability to provide basic services. States ranging from tiny Rhode Island to California, with the world's fifth-largest economy, have warned that many programs are likely to face cuts or even elimination. Many states are blowing through the multi-billion dollar rainy day funds they built up after the end of the Great Recession.

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