Massachusetts Governor Healey Slashes Budget Amid $1 Billion Shortfall
Massachusetts officials announced spending cuts due to a $769 million tax revenue shortfall, reducing funding for local earmarks and downgrading expected tax revenue by $1 billion. The cuts, prompted by overpromised revenue projections, will not affect emergency shelter system spending or changes made as part of a tax cut bill last year. The consensus revenue forecast for next fiscal year falls $208 million below this year's figure, with the expectation of enough revenue from the "millionaire's tax" to support $1.3 billion in education and transportation spending. Some affected by the cuts hope for minimal long-term repercussions, while others express concerns about the impact on services and the state's fiscal landscape.