"State Budget Shortfalls Vanishing as Bush Policies Succeed"

President Bush's tax cuts have worked their magic on the economy, buoying state level tax collections As a result, the Wall Street Journal reports ($link)

Just prior to his state of the state address last week, Governor George Pataki announced that New York is looking at a $2 billion surplus this year, or twice what was predicted just three months earlier. Two days later, Governor Arnold Schwarzenegger said California would end the fiscal year with a whopping $5.2 billion in reserves. Arkansas, Florida, Maryland, Oklahoma, Virginia and about three dozen other states are also reporting revenue above forecasts.

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