The House has finished its work on a bill to cut spending in the current state budget. By a 74-48 vote today, the bill went back to the Senate for consideration.
Negotiators from each chamber are trying to work out
a final compromise. The House version trims some $306 million from the state's fiscal year 2009 budget, which runs through June 30. Less than half the changes are spending cuts, the rest come from accounting changes and refinancing state bonds.
Yesterday, legislative researchers projected a deficit of $199 million, based on revenue collections through January. But many legislators expect revenues to continue falling short of expectations, causing the gap to grow.
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