CARSON CITY, Nev. (AP) — Nevada’s budget is so far out of balance that by one account the state could lay off every worker paid from the general fund and still be $300 million in the red. The economic downturn has hit so hard that prisons may be closed, entire colleges shuttered and thousands left without jobs.Gov. Jim Gibbons will try to explain the depth of the state’s financial crisis.and how fixing the gaping hole in the budget.It won’t be pretty.Nevada, with a heavy reliance on discretionary spending through gambling and sales taxes, has been especially hard hit by the recession as tourists and gamblers hold on to their money. The state’s unemployment rate has hit 13 percent, and a once booming housing market that created thousands of high-paying construction jobs has gone bust, with Nevada topping the nation in foreclosures.In his address, Gibbons plans to call the Legislature into a special session in late February and instruct lawmakers on areas they can focus on. It will be left to the state Assembly and Senate to tackle painful education and social services cuts.—-Contact The Daily Reveille’s news staff at [email protected]
Governor plans emergency address on Nevada budget
By The Associated Press
February 7, 2010