Angus's $1 Billion Deficit Never Happened?
Thu, 08/09/2012 - 11:21am (new)
Posted by handheld
Billion dollar shortfall? What billion dollar shortfall?
Maine Voices: Former state budget officer explains, defends King's fiscal record
Before the Sept. 11, 2001, attacks, Maine flourished and our quality of life improved under King.
By Jack Nicholas
Regarding the oft-mentioned "deficit" that King supposedly left, there wasn't one. The Bureau of the Budget had identified a "General Fund structural budget gap" for the fiscal year 2004-05 biennium of $787.1 million. The Legislature's Office of Fiscal and Program review estimated the "gap" at $958.2 million. A deficit is when government spends more than it has, but a "structural gap" is when government does not have as much as it anticipates spending.