Pa Revenues Continue Slide

02.03.09 | FL News Team

Pennsylvania could be headed towards the largest income shortfall in at least 50 years after the state Department of Revenue released figures showing tax and fee incomes fell 262-million dollars short of January targets.

Governor Ed Rendell's administration has already projected a two-point-three-billion dollar budget gap by the end of the current budget year, but the current year-to-date deficit is one-point-oh-eight-billion below Rendell's estimated revenues.

Officials say the report reflects the current U.S. economic situation with slumping retail and car sales, growing unemployment, and reduced business earnings.  Rendell will make his budget address on Wednesday.