“We are not crying wolf, this is one of the worst situations our states have faced,” Strickland said. “This is a real crisis. These are real problems. And if we don’t get some significant assistance many of those in our states will suffer greatly.”
Strickland added that the situation facing the state of Ohio is so dire that in order to balance his state’s budget he would have to fund every state program at 75 percent of its current level. “If I were simply to flat fund the operations of this government I’d end up with $7.3 billion in deficit,” he said. “We’re just trying to keep afloat.”
In order to make up for the shortfalls, Corzine said the incoming Obama administration and Congress will need to free up $1 trillion in federal spending for state assistance. “We’re all going to be Herbert Hoovers if we’re not careful here,” he said.
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