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NEW: Gov Patrick Cuts Budgets to Close $540 Million Shortfall

Tuesday, December 04, 2012

 

Governor Deval Patrick announced that the Commonwealth is revising the fiscal year 2013 revenue estimate downward by $540 million at a press conference on Tuesday.

Patrick said Executive Branch spending will be cut by $225 million, and a number of new investments will be reduced or eliminated across a range of government services.

The Governor will also be filing legislation for the authority to make similar reductions in the Judiciary Branch, Constitutional Officers, and non-executive department budgets.

“The uncertainty of the fiscal cliff and the resulting slow down in growth, is the direct cause of our budget challenges,” said Patrick. 

“Congress and the President must come to terms on a solution so the private sector will continue to make the kind of investments that create jobs, grow state and federal tax revenue collections and contribute to a lasting economic recovery. Until then, just as we have throughout the course of this Administration, we face these challenges together and take a balanced, purposeful approach to dealing with them.”

In addition to the lowered revenue estimates, the Patrick administartion is proposing to use $200 million from the state's Rainy Day Fund, currently sitting at around $1.6 billion, to help close the deficit, a move consistent with the administration's previous policy.

Like Boston Mayor Tom Menino on Monday, Patrick added his voice to those calling for a comprehensive solution, including a combination of tax icnreases and spending cuts, to the impending "fiscal cliff" by the end of the year.

Since the 2013 fiscal year began on July 1, the Commonwealth's tax revenues have failed to meet projections for four straight months, leaving Bay State revenues over $250 million off the mark.

 

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