For the third straight month, tax revenues have come up short in the Commonwealth. As a result, Massachusetts faces a $540 million budget gap. Governor Patrick announced immediate spending cuts Tuesday, including a 1 percent across-the-board cut in local aid. $200 million will be pulled from the state's rainy day run, some newly-created jobs will be cut, and the judicial branch will take a hit. Aid would also be cut to cities and towns. Patrick says businesses in Massachusetts are feeling the brunt of uncertainty over the looming fiscal cliff.
