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Mon November 10, 2008
Bredesen Projects $800 Million Shortfall
By Carrie Pond
Nashville, TN – Tennessee Governor Phil Bredesen says the state's general fund revenue collections have come in $200 million below projections for first quarter. The governor now predicts the state's spending shortfall could reach $800 million by the time the budget year ends in June. Bredesen had previously projected the shortfall at between $300 million and $600 million. But that was before September's much lower than expected revenue numbers. Bredesen, a Democrat, will have the added challenge of working with two Republican chambers in the General Assembly in January.