CHICAGO — Already facing a $900 million shortfall in its current budget, Ohio now must erase at least $2.3 billion of red ink in its proposed budget for the next fiscal biennium due to “historic” revenue losses, according to new revenue estimates presented to lawmakers yesterday by budget director J. Pari Sabety.

The bleak revenue projections for the biennium beginning July 1 added to the state’s escalating fiscal woes that prompted Fitch Ratings a day earlier to act on its negative outlook on the state’s $7 billion of general obligation debt.

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