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Richard J. Codey seems to be criticizing the ineffectiveness of the state’s annual budgeting process. He suggests the state will perpetually be in a situation like a dog chasing its own tail, where it is engaged in a repetitive but ultimately futile effort.
By this, Codey appears to mean that no matter how the state constructs its budget each year, it will always face a gap between expenses and revenues, and no budget will truly close this “perpetual gap.”
His quote implies the budget shortfall problem will continue indefinitely through this annual “chase” to balance the books, but the gap between costs and income will never fully and permanently be bridged through the existing budgetary approach.