A new fiscal reform panel Tuesday will release its initial proposals to help Puerto Rico regain its financial footing as it faces what many anticipate will be a $2 billion deficit by the end of this fiscal year.

Treasury Secretary Angel Ortiz last month announced during a public hearing that the $1 billion deficit could grow to $2 billion by the end of fiscal 2009 on June 30, and that year-to-date revenue collections are $53 million below projections, according to Angel Perez, vice president of the House Treasury and Financial Affairs Committee.

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