(INDIANAPOLIS) - Gov. Mitch Daniels has ordered state agencies to hold back spending 5 percent of their current budgets because Indiana's slumping economy means state government will take in less revenue than previously forecast.
An updated revenue forecast presented Thursday to the state budget agency forecasts the state will take in tens of millions dollars less in tax revenues over the current biennium, which ends in mid-2009.
State Budget Director Christopher Ruhl says under the current forecast the state would still take in $91 million more than it would spend during the current budget cycle. However, that is uncomfortably close for the Daniels administration.
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