WASHINGTON - Virginia's revenue projections for fiscal 2009 and 2010 are expected to be revised downward as the nationwide economic downturn bleeds into the state and could force cuts in the two-year, $77 billion budget, Secretary of Finance Jody M. Wagner said in an interview this week.

Wagner said the two general fund revenue sources most closely tied to current economic activity - payroll withholding and retail sales taxes - experienced a "meaningful" slowdown in growth during the second half of fiscal 2008.

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