Panel Gets Good News on Revenue

By: Associated Press
By: Associated Press

There's at least a little good news today on Wisconsin's state budget deficit. The Legislature's Joint Finance Committee got an update from Bob Lang, who serves as director of the Legislative Fiscal Bureau.

He says the deficit shouldn't grow any larger because tax revenue has matched projections.

The announcement eased committee members' fears that tax revenue might fall short of forecasts, putting the state in an even deeper fiscal mess.

The committee is working on Governor Jim Doyle's budget for the two-year period starting July first.
The deficit at the end of that period is projected at just over $3 billion, but Doyle and the Legislature want to eliminate it through spending cuts and other moves.

Lang told the committee at the end of today's session that an analysis of tax returns shows the state has collected close to the revenue forecasts projected. That means the deficit hasn't changed.

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