We interrupt this party...
The state budget is tanking (subscription required).
The Statehouse News Service is reporting Massachusetts faces up to $1 billion in shortfalls in the $28.2 billion budget signed less than two months ago. And the source is state officials themselves -- in the form of a prospectus to bondholders.
“In total, these updated revenue forecasts and cost estimates for fiscal 2009 suggest the potential need for approximately $1 billion in budgetary solutions.”
Lawmakers restored over $50 million in vetoes offered by Gov. Deval Patrick and declined to give him the power to make unilateral mid-year cuts. That means they will need to come back to address the problem -- probably in the fall during the campaign over the income tax repeal.
Now that will be a post-convention hangover. It would be nice if the Boston media noticed it.