New York State again last week was forced to announce that it does not have its budget in balance. Its spending will exceed its revenues by $689 million this fiscal year, and its leaders are working to bring its accounts into line.

New York is not alone. A survey by the National Conference of State Legislatures last week showed that states generally are in weak financial condition, and it predicted that they could be in worse fiscal shape next year, even though they are cutting spending and raising taxes at a record rate.

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