Many States End Year in Surplus as Washington Debates New Borrowing Limit

[mandym]

As the federal government turns a debt ceiling debate into an international credit crisis, perhaps Washington could learn a thing or two from the states.

Roughly two dozen of the 46 states that just ended their fiscal year are on track to record surpluses, a budget analyst with the National Association of State Budget Officers said. The rest of the states are expected to at least balance their books.

Despite the weak economic picture, the state capitals managed to mop up the red ink through a combination of revenue increases and spending cuts -- because they have to.

Read more: http://www.foxnews.com/politics/201...on-debates-new-borrowing-limit/#ixzz1SVI6CzWV