Tuesday, March 29, 2011

Legislative Update: Mood somber as the wait for budget release continues

It’s been nearly two weeks since the March 17 revenue forecast blew a hole in the spending plans of House and Senate budget writers and still no budget in sight.

The March forecast was nearly $700 million less than the November forecast for the 2011-13 operating baseline, and another $85 million below for the fiscal year ending this June.

That means lawmakers are faced with closing a $5.3 billion gap between revenues and expenditures, and the going isn’t easy.

Read the full update.