In times of financial crises, it is crucial to understand how district leaders prioritize spending to ensure an adequate and equitable education for all students. This paper examines how districts in Alabama altered spending during the Great Recession. Results demonstrate that expenditure cuts were more intense for high needs student populations, with the most substantial reductions in instructional support, teacher salaries, and administrative positions. While cuts were more significant amongst high needs districts, supports for At-Risk students were enacted. Results highlight the consequences of inequitable state funding for students, teachers, and leadership during financial crises.