New Jersey Gov. Corzine and New York Gov. Patterson are on Squawk Box right now, explaining the fallout of the Main Street and Wall Street weakness, especially as pertains to state tax revenues.
Corzine just said, and I'm paraphrasing, that not only is NJ not going to cut spending, but if there isn't another Fed stimulus package, NJ won't be able to make its own budget. I assume that he knows that the Fed would borrow the money used for another round of stimulus.
Come on people. Someone has to cut spending.