While the Federal government remains embroiled in the debt ceiling debate, more than 20 States are poised to record surpluses.
Fox News reports that about 24 of the 46 States that just ended their fiscal year will have excess cash and the remaining States will have balanced budgets, as required by most of their Constitutions. The numbers are based on budget analyses conducted by the National Association of State Budget Officers.
The news source reports that many of the States were able to close budget gaps through a mixture of spending cuts and tax increases.
A number of governors are pointing to their surpluses as evidence that the Federal government should be able to live within its means.
“If we are leading as governors in our States and we’re getting this done, they should be getting that done, too,” South Carolina Governor Nikki Haley told the news source. “We started with a deficit. We ended up with a surplus. That is the way you have to function.”
According to the National Conference of State Legislatures, 47 States and Puerto Rico have thus far enacted budgets for fiscal 2012.