MADISON, Wisconsin (WXOW) - Gov. Scott Walker says no emergency budget repair bill will be needed to deal with a projected $143 million shortfall.
The nonpartisan Legislative Fiscal Bureau released the new estimate Thursday. As recently as October the state was projected to have a $73 million surplus.
Walker didn't detail what he would do to deal with the projected shortfall next year, other than promising not to raise taxes.
The Fiscal Bureau says the Walker administration is looking at debt refinancing and restructuring to deal with the shortfall.
Republican legislative leaders issued a joint statement saying Wisconsin is not immune to the bad economy and defended their past actions and promises not to raise taxes.
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Wisconsin's state budget condition has worsened to the point that Gov. Scott Walker and the Legislature will need to take emergency steps to avoid being out of balance before the end of June.
The nonpartisan Legislative Fiscal Bureau on Thursday released the new projections that show the budget will be $143 million short of balancing at the end of the two-year period.
Fiscal Bureau Director Bob Lang says in the memo to co-chairs of the Legislature's budget committee that the Walker administration is looking to address the problem through debt refinancing and restructuring.
At the time of the last estimate in October, the state's budget was projected to end with a positive $73 million balance.
A large reason for the change is a projected $273 million loss in tax collections.
(Copyright 2012 by The Associated Press. All Rights Reserved.)
APNP-02-09-12 1101CST
