Oklahoma's legislative leaders say the state's projected $300 million budget hole for the upcoming year will nearly double due to low energy prices and the resulting layoffs of oil and natural gas workers.
Republican Rep. Earl Sears of Bartlesville, chairman of the House Appropriations and Budget Committee, said Thursday falling energy prices and layoffs at Oklahoma energy companies means the budget shortfall for the fiscal year that begins July 1 "will be significantly larger" than originally projected.
House Democrat Leader Scott Inman of Oklahoma City says the shortfall will be almost double the original estimate, or about $600 million.
House Speaker Jeff Hickman says a larger budget hole will likely mean budget cuts at state agencies.
The Board of Equalization will certify the revenue estimate for next year on Tuesday.
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