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Florida Budget Special Session
11/12/08 - 03:56 PM

Associated Press

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The state of Florida’s finances are not a pretty picture, according to Chief Financial Officer Alex Sink. She continues to push for state lawmakers to meet in special session.

Sink has put together a chart showing that the state’s income is not keeping up with its spending. She says lawmakers ought to be alarmed by the bottom line numbers and take action now to fix the problem.

The crumbling economy is generating fewer tax collections for the state. The budget deficit could run as high as $2 billion dollars this fiscal year.

Sink argues if lawmakers act now, they have a better chance of plugging the growing hole in the state budget than if they wait until their legislative session next spring.

Sink says balancing a budget is not, quote, “rocket science.” She says you either cut spending or increase revenues with higher taxes or fees.

Incoming House Speaker Ray Sansom says he’s not hitting the panic button. Sansom thinks the budget can be balanced without a special session, but he’s not ruling one out.

He says lawmakers will have a clearer picture of the financial picture after state economists meet on November 21st to make budget projections. Sansom says he’ll have a better idea about the need for a special session after that meeting.
   
(Copyright 2008 by The Associated Press.  All Rights Reserved.)