WOW! Revenue Forecast Down $760 MM

I'm watching the revenue forecast now. The press release is here. The cruxr:

The November 2009 forecast for the 2009-11 biennium is $28.8 billion, which is $760 million less than expected in September. Of the $760 million decrease in the forecast, $97 million was due to a shortfall in collections during the last two months. The remaining $663 million is attributable to weaker forecasted taxable activity during the reminder of the biennium.

From bad to worse.