Chairman Lieberman, Ranking Member Collins, members of the committee, on behalf of the nation’s governors, thank you for the opportunity to appear before you today to discuss state efforts to implement the American Recovery and Reinvestment Act (ARRA).
Background
The economic conditions governors face in their states are unprecedented. Earlier this year NGA estimated that state budget shortfalls for fiscal years 2009 and 2010 would top $230 billion as a result of falling revenues from the faltering economy. These shortfalls mean that governors must cut services or develop new sources of revenues to meet state balanced budget requirements — actions that could slow an economic turnaround.
