WASHINGTON -- It's no secret that the states are in as much budget trouble as the federal government. Doubters should read a new report from a group headed by former Federal Reserve Chairman Paul Volcker and former New York Lt. Gov. Richard Ravitch. By this account, states face four insistent forces: pension underfunding of at least $1 trillion; rapidly rising Medicaid spending; possible cuts in federal aid that provides $1 in $3 of state spending; and weak growth of tax revenues that, in 2011, remained 7 percent below their pre-recession peak.What looms are higher state taxes and...
Gabrielle Giffords Nancy Pelosi Barney Frank John A. Boehner Paul Ryan
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