Joint Budget Committee
Colorado's budget writers got matching gloomy forecasts from legislative and executive economists, both warning of a bifurcated 'K-shaped' economy, an AI-distorted labor market and a revenue outlook now running below the TABOR cap — with LCS revising general fund revenue down $350 million and sketching a scenario of a $1.47 billion budget deficit against the 15% reserve.
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Notable Quotes
“Another sign of strapped household finances are rising delinquency rates, which are broadly increasing across different types of borrowing, but most concerningly the increase in credit card debt delinquencies. This has risen to 12.7%, which is the highest rate we have seen in over a decade and a half.”
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Sign in to subscribeIt's weenie. The Joint Budget Committee comes to order. Will come to order. We have gathered to hear the economic and revenue forecasts, first from LCS and then ospb. So, Chief Sobetsky, please kick us off. Thank you, Madam Chair. For the record, Greg Sobetsky, Chief Economist with Legislative Council State Staff. Madam Chair, before we begin our presentation this afternoon, I want to thank the members of my team. Most of them, I think all of them are seated behind me or next to me. The forecast that we prepared during the session we have to juggle alongside our other responsibilities to the General assembly. And of course, it is of great import to you and the other members. And I can't thank them enough for the immense amount of work that went into this product. For everyone in the room, we have the forecast document available. It's also posted on our website and includes full discussion of everything that you'll hear from me and my colleague, Ms. Little. I highly recommend it. It is something that we take great pride in and look forward to any questions about it as they come up. Madam Chair, with your permission,…
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