Wisconsin budget official warns of $652 million state deficit
MADISON, Wis. (AP) - The slowing economy has blown a huge hole in the state budget.
The head of the Legislative Fiscal Bureau says he's projecting the state will have a $652 million deficit at the end of the two-year budget on June 30, 2009.
Bob Lang says the slowing economy means the state will take in $655 million less than lawmakers envisioned when they passed the budget last year.
Lang says that gap is the result of a decrease in estimated tax collections, a small decrease in state revenues and an increase in expenses.
He says budget-cutting moves announced by the Department of Administration on Tuesday will reduce the deficit to $415.9 million.
Copyright 2008 by The Associated Press. All Rights Reserved.
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