Michigan Legislature Estimates Budget Shortfall From COVID-19 Battle

705 15 20 Hearing LiveThe focus of the state’s response to the COVID-19 pandemic has been on lives, not the cost to Michigan’s bottom line.

But as the number of confirmed cases, deaths, and recoveries continues to trend toward the positive—the state is now working to get an idea about the long-term cost.

Friday is the Consensus Revenue Estimating Conference in Lansing. This is where we will find out how big a budget shortfall Michigan will have this year and next.

The cost of executive orders, unemployment benefits, relief packages and then the lack of tax revenue with the economy shutdown has the state looking at up to a $5 to $6 billion shortfall over the next two years.

The impact will still be felt even when the virus may be long gone from Michigan.

Gov. Whitmer has said that these are numbers that just may be too big for the state to absorb itself and a heavy reliance on federal help will be needed. Those talks are going on in Washington right now.

The conference kicks off at 9 a.m. and is expected to wrap up by noon. You can watch it live from 9 a.m. to 10 a.m. on our website, the SBTV app, or head to our Facebook page.

Gov. Whitmer is again addressing the state Friday afternoon, and the budget estimations are sure to be a topic of discussion.

Categories: Coronavirus, Michigan This Morning