Much has been reported about Ohio's $8 Billion budget gap that has developed over the past several years. The good news is that this knowledge is well known compared to many states where there has been little reported on their problem. The other good news is that Ohio's problem is not as desparate as some other states, the worst of which is probably Illinois. The bad news is that our gap is severe -- between 15 and 20 percent of our tax-supported General Revenue Fund.
CBS 60-Minutes has a good overview of the problem being faced by most states, including the road that got us here. Entitled "The Next Financial Meltdown -- State Budgets: The Day of Reckoning"
In it, Steve Kroft Reports On The Growing Financial Woes States Are Facing. The day of reckoning is at hand.
View the report HERE.