Colorado faces budget cliff in 2011
DENVER, Colorado – State lawmakers have sent Gov. Bill Ritter an $18.2 billion budget for the fiscal year that starts in July. They’re also preparing for the loss of federal stimulus dollars in 2011.
Legislators call that loss the “budget cliff.” How steep it will be depends on how quickly Colorado’s economy recovers.
The House Budget committee chairman, Democratic Rep. Jack Pommer of Boulder, says the state will eventually need more tax revenue – and that could mean asking voters for more money or eliminating business tax breaks.