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States Are Staring Down The Barrel Of A Projected $434 Billion Deficit After COVID-19. What’s Next?

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Adam Barnes General Assignment Reporter
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Nationwide budget shortfalls, leading to a combined decline in state revenue, have reportedly occurred only twice in the past 90 years: once after the terrorist attacks on Sept. 11, 2001, and again following the 2008 financial crisis.

The two-year U.S. state budget shortfall from 2020 through 2022 could reach $434 billion, according to Moody’s Analytics, per The Wall Street Journal (WSJ). This analysis assumes no extra financial help from Washington, D.C., at a time when states continue to face increased costs from the pandemic. The amount is higher than the combined 2019 K-12 education budget for every state, according to the National Association of State Budget Officers, the report continued.