State budget forecasters are decreasing revenue expectation by and additional $230 million due to fears that the state unemployment rate could hit 14%.
Read more stories on this subject in our budget topic page.Ack!
Now the financial oversight board will have to look at a recommendation on how the state can trim a collective $350 million from the budget when it meets tomorrow.
Head over to The State for more details. The State has updated their reporting, providing a good overview of the situation. I particularly like the sidebar with the timeline of state budget cuts this year.