Thursday, March 24, 2011
"In fact, we believe that the primary source of the state's budget imbalance is not slower revenue growth, but rather, built-in budget imbalances that simply become more evident during periods of economic decline or slow revenue growth. Chief among these potential sources of persistent imbalances is education funding. As we have said for the past four years, the school finance reforms that the legislature approved in 2006 created a long-term source of budget pressure for the state, in our opinion."
-Standard and Poor's, Feb. 16, 201