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Indiana Gov. Mitch Daniels said today the
budget bill the General Assembly voted on but did not pass last week would have
consumed the state’s reserves at the end of two years and left a $1 billion
shortfall.
April’s revenues, announced this morning,
were $255 million below a revised fiscal forecast issued last month. Daniels
said lower-than-expected tax collections will likely continue through the end
of this fiscal year.
Lawmakers didn’t pass a new, two-year budget
by last Wednesday’s regular session deadline, which means there must be a
special session to pass a plan. Daniels said the bill voted on last week spent
too much, and he would have vetoed it anyway.
He said a new fiscal forecast based on the
reality of current revenue trends is needed before lawmakers go back to work.
Daniels hasn’t said when he will call legislators back.
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