By Associated Press
Nashville, TN – Tennessee Governor Bill Haslam is preparing to present his first state budget plan to Tennessee lawmakers this evening. The Republican governor has warned that that the state budget will shrink by more than $1 billion because federal stimulus money is running out this year. While the state's revenue collections have begun to improve, they are nowhere close to making up the losses incurred during the recession. Haslam estimates that tax collections won't match 2008 levels until about 2014. While the cuts will be tough, Haslam says he wouldn't describe his plan as dire, instead calling it realistic.