That's the gist of the latest revenue projections released today by the Legislative Finance Committee.
Here's the latest from AP's Barry Massey, who is covering the LFC meeting in Angel Fire.
"According to the latest financial forecast, revenues will drop to about $5 billion in the current budget year, which started in July. That’s $433 million less than what had been anticipated when lawmakers enacted the budget," he wrote.
The news isn't totally unexpected, but of course isn't good. Lawmakers are set to convene in October at some point for a one day special session to now figure out how to whack that much from state spending.
Already, there are a few ideas out there. . . .