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2012 Budget Gap To Be Upwards Of $1.7 Billion

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(Source: CBS4)

(Source: CBS4)

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TALLAHASSEE (CBSMiami) – The state government is expected to face another shortfall over the next two years ranging from $1.3 to $1.7 billion according to state economists.

The numbers are based on state tax collections and indicate that Florida’s economy has been stalling over the last few months of the third quarter.

Governor Rick Scott and legislative leaders rely on the forecasts to try to figure out how much will need to be cut from the 2012 budget.

The cuts, because the GOP-led legislature refuses to consider any increasing any revenues, will impact schools, health care, and other state program.

The new projections are in stark contrast to predictions from a few weeks ago that said there may be a budget surplus for 2012.

Those numbers were quickly wiped away as the U.S.’, and Florida’s, economy sputtered through the third quarter.

Even with the massive budget hole, Governor Scott will ask the Republican-led legislature for another round of tax cuts that will run the risk of making the budget gaps even larger.

(TM and © Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2010 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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