Michigan’s $6.2B coronavirus budget gap ‘as bad or worse’ than Great Recession
Michigan lawmakers need to dramatically slash spending, raise taxes or hope for a federal bailout to offset a projected $3.2 billion shortfall and balance next year’s budget despite what could be another $3 billion loss because of the coronavirus pandemic.
That’s the word from state budget officials, who on Friday warned that tax collections not only are plummeting amid the coronavirus pandemic, but welfare spending will significantly increase as more residents lose their jobs.
“To say the numbers we just saw are sobering would be an understatement,” Michigan Budget Director Chris Kolb said Friday . . .
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