States from New York to Hawaii that have been hard-hit by the economic downturn say they have either delayed refunds or are considering doing so because of budget shortfalls.
"It's an indicator of how bad it is," says Scott Pattison, executive director of the National Association of State Budget Officers. "You know things are bad when you have to do that."
New York, hit with a $9 billion deficit, may delay $500 million in refunds to keep the state from running out of cash, says Gov. David Paterson.
From the Business Dictionary:
... In effect, it is like an interest free and unauthorized loan which, with careful timing of deposits and withdrawals, can be turned into a large sum. It differs from 'playing float,' because in reality no funds exist.
Who prosecutes government check kiters?
Crickets.
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