The state's budget deficit continues to grow.
A report from the Legislative Fiscal Bureau released Thursday says state revenues could fall $593 million short of expenses when the budget period ends on June 30th. That's almost $250 million more than an estimate released just a few weeks ago.
The Fiscal Bureau says corporate tax payments have made the biggest drop, as the recession results in plant closures and massive layoffs.
The projected changes could result in a budget hole of over $5.7 billion for the next biennium.
The news comes just a day after the Governor delivered his State of the State address, in which he warned that spending cuts may be needed across government to help balance the budget. Wisconsin is in line to received over $2 billion as part of a federal stimulus package, but Governor Doyle warns that many state agencies will have to make due with less in the coming year.
The Governor is expected to present his budget package to lawmakers in mid-February.