Coronavirus deals one-two financial punch to state budgets
By GEOFF MULVIHILL
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.
Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.