The state of Oklahoma is declaring revenue failure for this year's budget.
In a meeting Monday, the State Board of Equalization says the state is $1.3 billion in the hole for next year's budget, which starts July 1.
The state is looking at a $400 million loss for the current budget.
Officials say Oklahoma is expecting to receive more $1.6 billion from the federal government, and we have about a billion dollars in reserves.
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