State leaders to discuss economy's impact on state budget
By Globe Staff
Top state leaders are expected to gather this afternoon at the State House to discuss the impact of the faltering economy on the state budget -- and what to do about it.
 Senate President Therese Murray |
Senate President Therese Murray has invited to her office budget leaders in the House and Senate as well as Leslie Kirwan, Governor Deval Patrick's secretary of administration and finance, and Treasurer Timothy Cahill.
The Globe reported Saturday that Patrick is considering widespread emergency cuts in the state budget after tax collections plummeted by $200 million in the first two weeks of September.
The precipitous drop put the state's revenue far below what officials had budgeted for this point in the fiscal year that began July 1, according to a Department of Revenue report. Officials expect things to get worse as the turmoil in the financial markets weakens the economy, resulting in lower tax revenues for the state.
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