Nobody should be too excited and think this means our country is headed toward lower deficits - especially when the administration recently signed one of the most expensive budget reconciliation bills in history.

$117 billion is a big number, so we thought it could use a little context.

The last states are wrapping up legislative sessions, and some are crossing the finish line with major income tax cuts.

If you find yourself in a hole, stop digging. This is exactly what Louisiana Senators did when they rejected two tax-cut bills that would have created a billion-dollar shortfall in the coming fiscal years.

Many states are reaching their end-of-June budget deadlines, and major tax policy changes look to have big implications as states are forced, per federal policy, to do more with less.

No matter how much Senate leadership bends the rules to make their tax cuts look better on paper, the cost and impact on the deficit remains the same under a current policy baseline. It’s a move meant to mask the true cost and push a reckless bill through.

As state legislative sessions come to a close, decisions on tax policy are being made. Several southern states have cut taxes, while the northeast is making some more measured reforms.

State legislatures are enjoying a relatively quiet period right now, though it is merely a temporary calm before the storm of the federal tax and budget debate begins raging again.

States use the final hours of their legislative sessions to address deficits and preserve revenue in preparation for the times ahead.