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W E E K L Y  U P D A T E  September 15th, 2020
 
In this Week's Issue:
Coronavirus Crisis Causing Devastating Revenue Shortfalls in States, Cities
COVID Economic Relief Legislation at Standstill
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Coronavirus Crisis Causing Devastating Revenue Shortfalls in States, Cities
There is more and more documentation with each passing week of the devastating impact of the coronavirus crisis on state and city revenues as well as increasing media attention to these major state and city revenue shortfalls nationwide.  
The Northeast-Midwest Institute released a concept paper on April 13 highlighting the urgent need for federal action to replace non-recoverable state and local revenue shortfalls resulting from COMID-19  mitigation initiatives, which is available here.  
A continually updated selection of news articles reporting these state and local revenue gaps and the need for major federal support follows:




Governors, mayors, and local officials are sounding increasingly dire alarms that they are confronting major revenue gaps due to business closures and unemployment, and that these revenue shortfalls are projected to grow in the months ahead.  
The Peter G. Peterson Foundation which monitors federal and state budgets and analyzes long-term impacts is tracking the unfolding fiscal crisis here.
State Budget Watch has released a report with data documenting state revenue short-falls state-by-state as a result of the ongoing coronavirus crisis here.
The Tax Policy Center has released the following report on the extent of state tax revenue losses in the month of April, found here.
And the Rockefeller Institute at the State University of New York (SUNY) has released a report documenting the impact of COVID-19 economic relief on the state balance of payments with the federal government, available here.
COVID Economic Relief Legislation at Standstill 
 
After the U.S. Senate failed last week to pass a limited legislative package aimed at combating the economic fallout from the coronavirus pandemic, stimulus talks in Congress seemed to have stalled, with little hope of both parties coming to a compromise before the November election. The Senate was unable to move forward a $500 billion "targeted" relief package put forth by Senate Republicans, which was significantly less than the $1 trillion package proposed by Senate Republicans in July, and the $4 trillion package passed by the U.S. House in the spring.
 
Before Congress adjourned for its summer recess in August, House leaders and the Administration had been working to try and find a compromise on stimulus legislation, however neither side was able to agree to a dollar amount, and talks fizzled between the Democratic House and the Republican Administration. Congress is slated to be in session over the next couple of weeks, with the U.S. House scheduled to recess on October 2nd for the November election, and the U.S. Senate to follow suit the next week.
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