NASHVILLE (May 8) – As the House of Representatives begins to complete the final week of the 2008 session, representatives from Bristol to Memphis are preparing for what is expected to be a difficult budget process thanks to lower-than-expected state revenue increases.

“Thanks to an effective, business-minded governor and a responsible, balanced legislature, Tennessee has been able to weather the Bush recession for sometime without feeling its difficult financial effects,” said Rep. Fincher (D-Cookeville). “Unfortunately, $4 a gallon gasoline and rising healthcare and food costs have finally begun to take their toll on our state.”

With current projections estimating a shortfall between $400 and $500 million, cuts to spending are expected across the board. Most programs expecting funding increases will now be required to find a reasonable amount of savings within their existing budget.

“Unlike Washington, D.C., where you can just borrow more money from foreign countries to pay your bills, here in Tennessee we must balance our budget with the funds we collect,” Fincher said. “Working families are feeling the crunch and having to tighten their family budgets, just as we’re going to have to do with the state budget.”

On Monday, Governor Phil Bredesen is expected to speak before a joint session of the state House and Senate to discuss his proposed budget. The House will then convene for its 88th Legislative Day the following Tuesday.