Mead: “Fiscal Cliff” Effect on Wyoming Sizable
CHEYENNE, Wyo. (AP) — Gov. Matt Mead says it's clear that Wyoming would take a big financial hit if Congress fails to reach a deficit-reduction agreement to avert the end-of-year "fiscal cliff."
With federal dollars helping to support all sorts of state government operations, Mead says he hasn't tried to total up what the state stands to lose. Failure to reach agreement would see income taxes rise next year together with deep cuts in federal spending on defense and other programs.
Mead, a Republican, says he and other governors talked this week with Vice President Joe Biden. Mead says governors of both political parties are anxious to see a deal.
Mead says he believes any agreement will have to include both federal spending cuts as well as identifying new federal revenues.