Wis. Legislature to act quickly to avoid shortfall
MADISON, Wis. (AP) — The Wisconsin Legislature is moving quickly to avoid ending the current fiscal year with a $200 million deficit.
Gov. Jim Doyle's administration warned in a letter to legislative leaders last week that the state would end the fiscal year with the deficit unless $261 million in federal stimulus money was used to make the June 15 aid payment to schools.
The Senate is expected to take the action on Tuesday followed by the Assembly on Wednesday.
Department of Administration Secretary Michael Morgan says ending with a deficit could hurt the state's bond rating and ability to sell bonds.
Legislative leaders say they remain on target to pass the new two-year budget by the end of the month.
Jun 8, 2009 at 9:36 p.m.
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We wouldn't want bond purchasers getting the right idea about our finances!
Jun 8, 2009 at 4:52 p.m.
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A recent Janesville Gazette editorial headlined "Structural Deficit Should Haunt Doyle Campaign" referred to Doyle's budgeting practices as a "shell game." The editorial went on to say that had Doyle's budget "been prepared using the private sector's generally accepted accounting practices, Doyle's administration would have been accused of fraud."
This is yet another part of Jimmy's shell game.
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