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The United States alone rakes up half of this shortfall, estimated at $1 trillion.
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Like New Jersey, California and almost every other state, New York faces a devastating budget deficit this year — a shortfall estimated at $9 billion and growing.
As Mr. Rowland enters his third term, Connecticut faces a $650 million deficit this year and a shortfall estimated at $2 billion the next fiscal year, its worst financial situation in a decade.
The move is intended to plug a budget shortfall estimated at between $10 million and $20 million because of lower than projected sales tax revenues.
Despite a 2011 budget shortfall estimated as high as $27 billion, Mr. Perry steadfastly opposed tax increases to close the gap.
Faced with a budget shortfall estimated to be as much as $1.3 billion, Gov. Scott McCallum ordered a hiring freeze for state employees.
Fiscal challenges will also dominate debate when the Texas Legislature convenes in January and faces a budget shortfall estimated to be between $5 billion and $12 billion.
The economic slowdown has left Texas with a budget shortfall estimated between $5 billion and $12 billion at a time when demands for services such as Medicaid are exploding.
A jobless rate for youths of 25% and a housing shortfall estimated by the government itself at some 1.5m homes are only part of the trouble.
In his address next Tuesday, Mr. McGreevey will propose new revenue-raising measures to help close the state's budget shortfall, estimated at as much as $6 billion in the next fiscal year.
The initial €3.3bn capital shortfall estimated by the EBA when it conducted a Europe-wide test of 70 banks – which in total needed €106bn of capital – has now fallen to €2.1bn, the bank said.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com