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Another A$60 billion of expected tax receipts over the next four years have also evaporated.
The upshot was weaker growth, lower than expected tax revenues and higher than expected borrowing.
With economic conditions weaker than expected, tax revenue is coming up short of projections in parts of Europe.
Layoffs in Aberdeen and oil rig maintenance firms have hurt the Scottish economy and the exchequers' expected tax receipts.
Investors are bracing for companies to ramp up purchases of their own shares in response to expected tax changes in the new year, despite growing criticism of buybacks.
Without the expected tax savings, the numbers probably would not have worked when Samuel Zell, the real estate billionaire, was putting together his 2007 takeover of Tribune.
Similar(20)
And so far, Mr. Weil said, there is no evidence that Victoria's Secret is rankling consumers who might have expected tax-free Internet shopping.
The upshot: Washington's weaker-than-expected tax collections have led the state to project that it will take in $2 billion less than it expected when its two-year budget took effect in July.
Lower-than-expected tax revenues accounted for a third of the decline in the surplus.
So what to make of the better-than-expected tax collections?
Brighter-than-expected tax forecasts are the source of much of the city's optimism.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com