Tuesday, February 3, 2009

New glasses needed: Palin misjudged huge budget problem

Alaska Report:

Governor Sarah Palin submitted a supplemental budget to legislators today that reduces general funds by $268.6 million and seeks authorization to access savings to balance the budget at the end of the fiscal year.

Translation: We thought people would want oil again.

Anchorage Daily News:

It’s a far bigger problem than the Palin administration predicted two months ago in its last budget forecast. The revenue department in December forecast a shortfall of about $450 million, and suggested an oil price rebound was coming.

That hasn’t happened.

For some numbers, the Alaska Report is talking about a $1.36 billion revenue shortfall, while the Anchorage Daily News is talking $1.65 billion. Either way, those figures could do a lot for you at the Dollar Tree Store.