Colorado's budget deficit jumps to $1.5 billion due to lower tax revenues and higher spending.

Colorado's projected budget deficit has surged to $1.5 billion due to revised fiscal forecasts, driven by slower-than-expected tax revenues and rising state spending. The updated outlook, released by the state's finance department, reflects economic headwinds including reduced income and sales tax collections. Lawmakers now face tough choices on spending cuts or revenue increases to close the gap.