This recent survey suggests that the states have $18.8 billion of budget gaps yet to be closed in fiscal 2010. This comes after they have already imposed measures to eliminate budget imbalances totaling $87 billion in the fiscal year, which for most started during the summer of 2009. All the while the budgets currently being drafted for fiscal 2011, states foresee shortfalls of $53.6 billion and for fiscal 2012 $61.6 billion while at the same time states’ revenues have plummeted for four quarters in a row.

What is most interesting in these in these most challenging times is that all states except for one, Vermont, are required to balance their budgets, so during the recession they have drastically cut spending on basic programs, laid off workers and boosted revenue through raising taxes and fees.