Increased spending and underperforming revenues account for an estimated $3.2 billion deficit in Puerto Rico’s $9.48 billion budget for fiscal 2009, which began July 1.

The Government Development Bank for Puerto Rico last week released details of a fiscal advisory committee report. The committee anticipates expenditures to reach $10.3 billion for the current fiscal year, up from the budgeted $9.48 billion spending plan. 

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