If North Carolina is $391 million short for 2009, and 1.2 billion in cuts are coming in 2010…?

We can ignore reality
but we cannot ignore the consequences of ignoring reality

Ayn Rand

NC forecasters expect 2 percent revenue shortfall

Tax forecasters estimate North Carolina will collect about 2 percent less revenue than first predicted this year.

The Legislature and budget office experts say the state will take in $391 million less than expected to pay for the $19 billion budget for the year ending June 30.

…A memo dated Monday also says the state will receive $788 million less than expected for the budget for the new year starting July 1.

…Legislative leaders say they may have to find up to $1.2 billion in spending cuts, additional revenues or both when new Medicaid expenses and other needs are included.

The Associated Press
Tuesday, April 13, 2010