SANTA FE — We’re not out of the woods yet. Have you noticed that our state budget deficit grows about $100 million a month beyond projections?
Last March, the 2009 Legislature plugged a $500 million hole. The budget reduction was projected to get us through until July 2010. But by August 2009 we were already over $400 million further in the hole.
In September, that deficit rose to $550 million and in October, it was $660 million. At this rate, by January, when the 2010 Legislature convenes, we’ll be another $300 million deeper in the hole.