The economy was a huge story in 2008, with a mortgage crisis and a Wall Street blowup followed by bailouts, layoffs, huge state deficits and, finally, the official pronouncement of a recession. Though many reports suggested New Hampshire fared much better than most, the state was not immune to economic hardships, with the state looking to fill a $250 million deficit. Governor John Lynch was forced to take out the chainsaw and the scalpel and make state budget cuts large and small. So far two rounds of cuts have been announced, and more are expected in 2009.
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