Michigan Governor-Elect Jennifer Granholm is describing the state's budget deficit as "enormous" and "astronomical" and is warning about massive budget cuts.
The state's deficit is now pegged at $1.8 billion. Governor Elect Granholm's top budget advisor expects that to climb to $2 billion. The options are to cut services, raise taxes or both. Or a spurt of economic growth could ease the budget pain.
Ms. Granholm continues to insist a tax hike is a last resort.