In a luncheon hosted by the Atlanta Press Club, Georgia House Speaker David Ralston estimated that the state of Georgia's budget could lose approximately $240 billion beginning on March 1.
Ralston was discussing the effects of sequestration on Georgia's budget, and put the estimate forth based. He estimated a potential price tag of $240 billion over the fiscal year.
$85 billion in immediate cuts are scheduled to take effect Friday.
He said that leaders in the state House are working on plans to make up for any loss of Federal money, but declined to give any specifics as of yet.
The White House, in its own release, had stated that the most immediate cuts will affect military, education, public health, and employment programs based on calculations from its own budget office - an irony in itself, considering not one budget has been passed in either of the Obama Administration's terms of office.
Ralston focused at length on the effects on the military, as well as on the effect on Georgia's bottom line, calling it a "significant" hit to all sorts of programs but that house leaders were working on measures to fill the gap for both FY2013 and FY2014.
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