UPDATE: Colo. lawmakers warned to cut another $207.5M

By: Associated Press Email
By: Associated Press Email

Denver (AP) - The Colorado legislature's economic advisers say another $207.5 million must be slashed from this year's budget because a spike in unemployment is cutting state revenues.
Lawmakers got the revised economic forecast on Friday.
Chief Economist Natalie Mullis says unemployment has jumped since the last forecast issued in December. That's the main reason why tax revenue is now expected to drop a total of $900 million
this year and next year. That's $400 million more than expected back in December.
Lawmakers have already been making cuts and transfers to plug a $600 million shortfall in this year's budget.
How lawmakers decide to take care of the additional $207.5 million shortfall will affect how much they will have to cut in next year's budget.
(COPYRIGHT 2009 BY THE ASSOCIATED PRESS. ALL RIGHTS RESERVED.)


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