State economists cut $229.5 million from state revenue estimates Wednesday, citing dire economic projections through the end of the budget year in June.
In making the additional 3.5 percent cut, the Board of Economic Advisors said the state unemployment rate could reach 14 percent between now and July. That would mean an additional 130,000 people looking for work ”” 20,000 already are ”” and no longer paying state income taxes.
Wednesday’s cuts, coupled with a November cut creating a $138 million deficit, mean a state budget panel meeting this morning could be forced to slash $367 million ”” or more ”” from the state budget. Since June, revenue estimates have been reduced by $797 million, or 11.2 percent.