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U.S. states face biggest cash crisis since the Great Depression

OCTOBER 29, 2020 | by Heather Gillers, Gunjan Banerji | THE WALL STREET JOURNAL

By Heather Gillers and Gunjan Banerji, includes “Connecticut acted fast. Social distancing, lockdowns and testing slashed Covid-19 cases in the spring. But when Comptroller Kevin Lembo opened an email from his budget director on April 15, it was clear the state’s quick action to contain the pandemic hadn’t insulated its finances. ‘We hit the brakes so quickly on the economy that we went through the windshield,’ his deputy wrote.”

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