The federal government spends more than $6 trillion each year through its annual budget. The federal budget process shares some similarities with the state, but it also differs in many ways.

This resource provides a basic outline of that process and how it might affect Massachusetts.
Important Basics:

Please join us for our next Member Briefing, which will provide an update on the state’s finances as we close out FY 2025 and FY 2026 gets underway. The Briefing will review the FY 2026 conference report, Governor Healey’s vetoes, and assess how the federal reconciliation bill is likely to affect state finances in the coming months.

Massachusetts is facing scrutiny on two fronts as public markets collapse and pressure on government pensions for its nearly 300,000 public employees and retirees and budgets rise. The commonwealth’s credit rating could take the real hit in all of this. The Boston Globe reports “the business-backed Massachusetts Taxpayers Foundation, said a prolonged market slump could make it tougher for the state to reach its goal of fully funding its pension obligations by 2037. If the state falls short, bond rating agencies such as S&P and Moody’s will pay attention.”