States face another $12 billion budget shortfall

By doris | Published: July 27, 2010

Full Story atmoney.cnn.com

NEW YORK (CNNMoney.com) — States filled an $84 billion gap to balance their 2011 fiscal year budgets, which took effect earlier this month. But they could collectively face a new $12 billion hole if Congress fails to help cover growing Medicaid costs.

Without another injection of government money for Medicaid, four states — California, Texas, North Carolina and New York — could face new gaps exceeding $1 billion each, while 21 others could see shortfalls over $100 million, according to a quarterly budget report issued by the National Conference of State Legislatures.

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