The National Conference of State Legislatures (NCSL) gave Speaker Joe Hackney an award for legislative leadership, but its report on state finances surely ruined his day. NCSL says states should expect lower revenue growth and are not financially ready for a downturn. In other words, we’ve peaked on the spending growth part of the spend and tax cycle. From Governing.com:
States that have spent the past couple of years taking in revenues faster than they could figure out how to spend them are likely to spend the next couple of years wondering where the bottom is.
