Gov. Scott Walker?s aggressively austere budget is one step from becoming law, but state officials say its effects are already being felt across Wisconsin. The state Senate on Thursday night passed the $66 billion plan, which uses a combination of budget cuts and corporate tax breaks in an attempt to close an estimated $3 billion budget hole while trying to spur the economy and promote business growth. The measure aims to reduce the state?s structural deficit by about 90 percent by 2013, from $2.5 billion to $250 million. To do this, it cuts more than $1 billion from public schools and the University of Wisconsin system. It also holds property taxes practically flat, which severely limits local officials? ability to recoup lost revenues.
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