Lawmakers discuss growing shortfall, estimated at $2.2 billion

Associated Press

Thursday, April 2, 2009 | 3:51 p.m.

CARSON CITY -- Nevada's legislative leaders held a news conference Thursday to say they're working together to deal with a growing shortfall in expected revenue for the coming two fiscal years -- a figure that climbed this week by up to $500 million.

The lawmakers' fiscal analysts said that when the additional shortfall estimate is added to previous estimates, the total is about $2.2 billion. Gov. Jim Gibbons' budget director says the total may be closer to $2.8 billion.

Democratic and Republican leaders of the Senate and Assembly wouldn't say how much money they need to raise in order to maintain essential services. The shortfall estimate is based on the amount of revenue needed to maintain existing government service levels.

John Ritter, a prominent southern Nevada businessman who has been working with the Legislature and a group of business leaders to find revenue solutions, said at the news conference that he estimates the business community could pay about $1 billion in new taxes.