Florida's state and local governments stand to get up to $13.7 billion in federal stimulus money spread over three budget years, including the current one that runs through June 30.
This year's budget, though, may drop into the red by more than $300 million, Alexander said. He also expects a $5 billion budget gap next year.
"No single solution will solve that level of deficit," Alexander said. "There is little double that further budget reductions will be necessary."
Lawmakers cut current-year spending by more than $1 billion as part of a $2.5 billion deficit-elimination package Gov. Charlie Crist signed into law after a special legislative session last month. The plan also tapped reserves, raided trust funds, shifted dollars around within the budget and raised traffic fines.
Additional adjustments probably likely will be required during the regular session to avoid ending the budget year with a constitutionally prohibited deficit, Alexander said.
Time for Larry Summers to spend more time with his family... I don't blame the Ben Nelson's of the world for this -- of course moderates will have wanted to cut the size of the package to appear moderate -- the problem was that the initial size of the stimulus was way too small. Obama should have made it $1.3 trillion, and then let the moderates shrink it...
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