State chopping revenue forecast on fears of 14% unemployment

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.