![](https://www.pewtrusts.org/-/media/post-launch-images/2024/07/gettyimages1810150931jpgmaster/16x9_m.jpg)
State Budgets Are Downsizing
State budgets are expected to shrink substantially in fiscal year 2025 as the post-pandemic era of surging revenue, record spending, and historic tax cuts comes to a close. According to new data released by the National Association of State Budget Officers …