As Virus Ravages Budgets, States Cut and Borrow for Balance

In February, Ohio was running a $200 million budget surplus. Then the coronavirus pandemic struck, wiping out the surplus — and then some. Tax revenue plummeted and public health expenses skyrocketed. By the end of April, there was a $777 million hole, a nearly $1 billion swing in two months. Gov. Mike DeWine ordered immediate budget cuts to close the gap, and he had little choice. The pandemic, he said, “does not exempt us from balancing our…