State budgets signal the priorities of state governments—as well as the legislatures that control the purse strings. As we move into the second quarter of 2025, several key fiscal trends are emerging: revenue growth is slowing and states are budgeting cautiously. And with the uncertainty coming out of the nation’s capital, it’s clear that states are navigating a new fiscal environment.
Join us as NCSL’s fiscal policy expert Erica MacKellar and Brian Wanko, who focuses on the federal budget process, federal and state revenues and taxes, as they break down what these developments mean for states heading into the new fiscal year.