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National economy cited in smaller revenue forecast

WCAX - 1:29 pm Fri Jul 25th, 2014

Two economists advising Gov. Peter Shumlin and Vermont lawmakers say a national economic downturn in the first quarter of this year is likely to blame for softer-than-expected state revenues.

Economists Jeff Carr and Tom Kavet say general economic conditions have hurt Vermont's collections of its personal income and sales and use taxes. The result is a downward revision in the forecast for revenue growth for the just-started fiscal year from 4.8 percent to 3 percent.

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