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Rebounding states, including Florida, weigh economic path forward
The New York Times reports that state governments are finally emerging from the recession and now must make “a difficult choice: should they restore some of the services and jobs they were forced to eliminate in the recession or cut taxes in the hopes of bolstering their local economies?”
“As they grappled with the steepest and longest drop in tax collections on record, states cut hundreds of billions of dollars in spending, and many raised taxes — some temporarily — to tide them over. Now, though, revenue has been steadily climbing back for nine straight quarters, and a division between Republican- and Democratic-controlled states is coming into sharp focus over whether to restore the lost services and jobs or to lower taxes, which in some states could effectively lock in some of the budget cuts made during the downturn.”