State tax receipts for the July-September quarter were essentially unchanged from a year ago but down 2.6% net of inflation in a preliminary report from the Nelson A. Rockefeller Institute of government. The drop will expand considerable in the 4th quarter and continue for several more quarters. Construction spending on public works and public building projects, unless bonded or financed by user fees, will have to be cut back. These cutbacks have begun and will get bigger until well into next year.

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