The state Legislative Fiscal Bureau released estimates Thursday that suggest Wisconsin may face a $300 to $400 million shortfall for the remainder of the 2007-09 budget.
According to the report, Dec. 2007 tax revenue collection reports show weakness"" in individual and corporate income tax collections as well as in sales tax collections.
These decreases in tax collections as well as the risk of recession in the national economy in 2008 may mean revisions to the budget for the remainder of the biennium, according to the bureau's report.
Assembly Speaker Mike Huebsch, R-West Salem, said in a statement that encouraging growth in companies and investing in the workforce will jumpstart the economy.
""Tightening our belts, cutting spending and growing the economy will get Wisconsin through these tough times,"" Huebsch said.
The bureau said it would delay releasing its February predictions until it can incorporate more recent data, including interest rate decisions by the Federal Reserve Board.
