DES MOINES, IOWA (AP) -- A panel of budget experts has trimmed more than $38 million from its projection of what the state will collect in taxes this year.
Members of the Revenue Estimating Conference also cut about $13 million from next year's projected budget.
The three-member panel Friday noted some signs the economy was stabilizing but speculated that recovery from the deep recession won't be felt until next year. The latest projection means the state will collect about 8.5 percent less in taxes in the current fiscal year than the last one.
Majority Democrats in the Legislature say they'll cut spending when lawmakers convene in January to wipe out the projected shortfall. Republicans blamed the budget snarl on Gov. Chet Culver and Democrats, saying they had approved too much spending.
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