Capping Equalization
The Equalization changes are probably the most fiscally significant cuts in yesterday’s unstimulating Economic Statement. In 2009-10, the program is projected to pay out $14.2 billion instead of $16 billion. In 2010-11, it will pay $14.5 billion instead of $20 billion. This $5.5 billion difference exceeds the $3.5 billion in total projected savings from spending austerity, asset sales, the wage […]
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