Wednesday, 15 October 2008

Massachusetts announces $1 bn in spending cuts

Massachusetts Gov. Deval Patrick announced on Wednesday more than $1 billion in cuts and spending controls to rein in a budget shortfall t
hat threatens to balloon to $1.4 billion in fiscal 2009.

"With the economy slowing and state revenue declining, we have to act," Patrick said in a statement that did not include details on a plan by Patrick reported in The Boston Globe newspaper to eliminate 1,000 state jobs.

Source: EconomicTimes

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