By Wednesday afternoon, budget officials had raised projections for the deficit to $26.3 billion, an indication that the precipitous drop in tax revenues in the wake of the housing bust and foreclosure crisis is not abating.
Following a precipitous decline in tax revenues, the Tsipras administration has been scrambling to raise funds, sequestering the cash reserves of state entities, raiding pension funds and postponing payments for supplies.
The precipitous falls in tax receipts during and since the recession will continue unless a stimulus that outweighs the austerity and the 'automatic stabilisers' such as increased welfare spending is forthcoming".
Local governments are cutting public safety, education, social services and health care due to budget shortfalls from the precipitous drop in tax revenues.
The WCG study is hardly the only one to note the precipitous drop in taxes paid by the wealthiest.
Localities across the New York region, already reeling from the cost of cleaning up from Hurricane Sandy, are confronting the prospect of an even bigger blow to their finances: a precipitous decline in property tax revenues.
Its Republican governor, Tim Pawlenty, is brandishing the scythe, arguing that the state spends too generously and taxes too heavily.Minnesota, like many states, has seen a steep decline in tax revenues coupled with a precipitous rise in health-care costs.
Mrs Arroyo herself has presided over the most precipitous decline, despite having pledged to put an end to tax-dodging and to restore the government's finances.
The announcement of a 50% top tax rate confirms that the Labour party is making a precipitous mistake.
The economy is in a precipitous downturn and no one, on the left or right, is advocating tax increases that would jeopardize a recovery.
