Colorado's state government faces a potential $1.5 billion deficit, an increase from the previous prediction of $1 billion. This does not include some cuts the Joint Budget Committee has proposed but not yet finalized. The state's economic forecasts, released by nonpartisan legislative economists and the governor’s office, have significant differences on how much money the economists expect the state will pull in this current fiscal year and in the upcoming fiscal year. Both economists agree that state revenue remains below the cap set by the Taxpayer’'s Bill of Rights. However, the depth of the hole remains an open question. The budget deficit comes from state spending increases in must-spend areas, particularly Medicaid, which has been increasing significantly. The legislative economists predict that the state's $18.2 billion general fund will be allocated next year, while the governor's office expects an $1818.4 billion budget. The committee is now considering the budget for the next fiscal year, which will be finalized by late March or early April.