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Louisiana state revenue forecasts to be revised Wednesday

11 months 1 week 4 days ago February 10, 2016 Feb 10, 2016 Wednesday, February 10 2016 February 10, 2016 7:07 AM in News
Source: Associated Press
By: Associated Press

BATON ROUGE- Louisiana's income forecasting panel will soon set the official number for this year's budget deficit and next year's financial shortfall.
    
The figures set Wednesday by the Revenue Estimating Conference will be the basis for tax negotiations in the upcoming special legislative session.
    
The revised forecasts are expected to be bleak, with at least a $700 million deficit expected for this year and a nearly $2 billion gap next year, possibly larger.
    
This year's shortfall has to be closed by June 30, when the budget year ends.
    
Gov. John Bel Edwards has called a special session to begin Sunday, to rebalance this year's budget and to start work on closing next year's shortfall.
    
The Democratic governor is asking lawmakers to raise taxes, but Republicans are showing reticence to tax hikes.

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