Colorado

Aug 23, 2010 8:41 AM by Bea Karnes, News First 5

Governor to slash state budget today

It just keeps getting worse.

Gov. Bill Ritter will announce another round of budget cuts on Monday as the state's fiscal emergency continues.

The governor has the power to cut up to $75 million from this year's $18.2 billion budget because the state failed to meet a 2 percent reserve requirement.

Budget analysts have warned lawmakers that more banks are expected to fail this year and the economy will continue to falter because of continuing problems in the construction, real estate, banking and financial industries.

Lawmakers expect Ritter to extend cuts he's already made to education and nonessential state programs.

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