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The budget includes deep cuts to public universities, and those cuts would increase if revenues fall below projections.
But the budget hole keeps deepening, in large part because state income tax revenue continues to fall below projections while the cost of providing social services continues to rise.
American Skiing, which is based in Bethel, Me., also said it expected third-quarter earnings to fall below projections because of the cost of the restructuring and merger activities and weaker-than-expected results from the company's real estate subsidiary.
Traders said the dollar came under selling pressure during the morning from speculation that reports on the nation's retail sales and industrial production in June would fall below projections.
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Monsanto has already been forced to sharply cut prices on SmartStax and on its newest soybean seeds, called Roundup Ready 2 Yield, as sales fell below projections.
What makes the situation worse than what states faced in previous recessions, they said, is its stubbornness: three straight years of revenues falling below projections, leading to deeper cuts where scars remain from previous rounds.
The Obama administration said that enrollment fell below projections, in part, because more employers maintained coverage for their employees and fewer dropped coverage, so fewer employees sought insurance in the exchanges.
The high demand for forestry MIS schemes led to plantations being expanded on to less suitable land, with timber growth and yield then falling below projections that were based on better quality plantations.
With sales likely to fall well below projections, tax revenues will also fall well below the mark, Mr. Norden and other experts maintained.
The Revenue Department says tax revenue from riverboat casinos could fall $100 million below projections too.
As ridership continues to fall well below projections, leaders are looking for long-term, money-saving measures.
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