February 12, 2009 - Governor's Weekly Radio Address - Closing the Budget Gap

Click here to listen to this address.

The State of Hawai`i faces a $1.8 billion budget shortfall over the next two-and-a-half years due to lower than projected revenues. This sudden and significant economic downturn means that we can't approach solutions in a business-as-usual fashion.

On March 9, we face the potential for an even bigger shortfall when the Council on Revenues meets to update their economic projections. 

In order to maximize our collective options on how best to close the budget gap, we are exploring all possibilities and keeping all financial alternatives on the table. One thing is clear: this is a time of belt-tightening and shared sacrifice.

By working collaboratively with legislators, union leaders, county mayors and social service organizations, we will overcome this economic challenge and ensure a prosperous future for Hawai`i.