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US states cut back on jobs and infrastructure
Calcutta News.Net
Thursday 9th October, 2008
Dozens of US states have announced another round of emergency spending cuts on top of deep cutbacks earlier in the year.
State administrators are known to be concerned about the drop-off in revenue and pension-fund losses.
New York, the capital of the nation's financial industry, is grappling with a $1.2 billion deficit that is expected to increase to $2 billion by next March.
Budget drops are also being highlighted by high unemployment rates.
States such as Massachusetts, Indiana, Washington, Pennsylvania and Colorado are no longer hiring staff.
State employees are also being denied pay raises by some states.
Capital spending has also taken a hit because the crisis has made it difficult to borrow money on the bond market.
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