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Sun October 19, 2008
TN Budget Shortfall
By Angela Hatton
Murray, KY – Tennessee Governor Phil Bredesen is taking on a more urgent tone about the size of the state tax revenue shortfall. Bredesen says the state economy is in a "very extraordinary situation" and he expects the spending gap to widen to between $300 million and $600 million by the time the budget year ends in June. Bredesen says he is looking into whether the state can save money from grant programs or contract services. He says any shortfall of more than $300 million will likely require legislative action or funds from state reserves.