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In mid-November, Gov. Bobby Jindal and the Louisiana Legislature will start coping with a current fiscal year budget shortfall that totals between $400 and $700 million and includes a $117 million deficit from last year. The state is expected to downgrade its tax collection and other revenue projections because of falling oil prices Nov. 16. A few days later on Nov. 20, the Jindal administration is planning to present a plan to deal with the state's immediate financial shortfall.
The plan will be presented the day before the runoff election, when a new governor will be selected. The two gubernatorial candidates, state Rep. John Bel Edwards and U.S. Sen. David Vitter, have both said they would call a special session in January or February to deal with the state's financial crisis.
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