Early numbers show how significantly the coronavirus is devastating states' revenue streams — and could force choices between raising taxes or gutting services and laying off public employees.
Why it matters: Even as some states move toward reopening, the economic ramifications of having shut down will haunt them far into the future.
When states can reopen, and how quickly industries are able to bounce back, could either worsen or improve projections.
What to watch: Sens. Bob Menendez (D-N.J.) and Bill Cassidy (R-La.) plan to introduce bipartisan legislation as soon as next week that would create a $500 billion fund designed to help struggling state and municipality budgets in the wake of COVID-19.
"If there was another way to do this, I'd rather do it the other way," Cassidy tells Axios. "But what I don't want to happen is all this money spent for families and for employers to go to waste because cities cannot provide essential services."