NEWS
State economy bleak
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Sunday, December 2, 2001
With the national economy in a recession, the state economy
is hurting as well. Predictions of the state budget shortfall are
nearing $1.3 billion because of declining revenues, Gov. Scott
McCallum announced Friday.
Early estimations reported by McCallum were as low as $300
million.
Revenue shortfalls are unlikely to be concrete until after the
holiday season when consumer patterns are evident.
The legislature is out of session until January; however, McCallum
has the option of calling a special session to address the
problem.
In mid-November, McCallum handed the problem to
legislators with his statement saying he would not take action
without a bipartisan recommendation.
Mike Browne, spokesperson for Senate Majority Leader Chuck
Chvala, D-Madison, said it was impossible to make any
recommendations without an exact calculation of the shortfall.
“We need a number to decide what we are going to do,”
Browne said. “To put together a plan we need to know what the
size of the problem is.”
It has become apparent McCallum has an economic recovery
strategy with his decline to comment on his plan and promise to
provide more details later this week.
McCallum also said legislators have had other things on their
minds, such as redistricting and the caucus investigation.
“They’ve got a lot of things going on,” McCallum told the
Associated Press. “I’m sure some are distracted more than
others.”
Wisconsin’s financial problem was exacerbated by the state’s
projected revenue increase from sales and income tax. Despite
the prediction, the revenue for July, August and September
decreased to $1.43 billion from $1.45 billion a year ago.
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