States and Cities Continue Plunge into Financial Black Hole

Governing: State and local officials are well aware that they face the most dire fiscal circumstances in decades. They still don't know just how bad it will be.

In Minnesota, a surplus of $1.5 billion turned into a shortfall of $2.4 billion within two months. The freefall may well continue. “It’s the uncertainty that is so difficult,” says Minnesota House Speaker Melissa Hortman. “We’re all anxious because we know it can get way worse.”

Read article