$935 million red
Two sources who have been briefed on the forecast say the projected deficit has grown to $935 million. That's nearly three times as large as the November forecast which projected a $373 million deficit. State finance officials will release the number later this morning. The Associated Press reports that falling corporate and individual incomes taxes make up the biggest part of the shortfall. Lawmakers have to solve the deficit problem by June of next year. Both Governor Pawlenty and DFL legislative leaders have said they will cut spending, not raise taxes, to balance the books.
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