Quote Originally Posted by Lloyd Dunkelberger, Herald-Tribune
TALLAHASSEE - State economists presented a dreary set of numbers Friday and predicted that the recession into which Florida has plunged would last until at least 2010.

As a result, the Legislature must pare at least another $1.2 billion from state spending this year. It comes on top of a $1.4 billion cut in August and could force state lawmakers to meet in a special session to try to trim the state's $66 billion budget, which cannot operate with a deficit.

The recession has resulted in widespread job losses in the state -- Florida leads the nation in lost jobs -- and has largely frozen the credit market.

More ominously, the latest projections cut the revenue estimate for next year by another $2.3 billion, meaning when lawmakers try to write next year's budget they could face a gap as high as $5.8 billion between existing revenue and the state's budget needs.
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