A soft housing market, higher interest rates and a declining market share among the Big Three auto makers are producing fewer tax dollars for state government and resulting in a budget deficit near $800 million.
That's the word from the director of the House Fiscal Agency Mitch Bean who tells News Ten there is no good news in other of the state's economic forecasts.
He expects the domestic car manufacturers to lose another 4.8 percent of the market to foreign competition over the next two years.
The state has three options for eradicating the shortfall: cut state spending, raise taxes or do both. No word on which option the governor will exercise.
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