Earlier today, Governor Rick Snyder released his proposed Fiscal 2012 budget. The governor’s budget reflects the tough economic times that have challenged Michigan in recent years and the need for the state to begin to address both its structural deficit and unfunded future liabilities.

Simply put, this proposal represents the most significant set of budgetary, tax, and regulatory changes in generations. Given the scope of changes, it will take time for us to work through all of the implications. Though the proposed cuts are painful, we appreciate that the governor has put forward a comprehensive proposal designed to offer a sustainable path for a prosperous Michigan.

Source : From the President's Desk, February 17, 2011.