INDIANAPOLIS -- Gov. Mitch Daniels and lawmakers are bracing for new revenue forecasting data to be released Tuesday that could result in more painful cuts.

The projections by a panel of economists and fiscal analysts will predict how much money the state expects to take in through the end of the current two-year budget cycle, which expires July 2011.

Tax collections for November were $144 million below a May forecast and are $475 million, or 9 percent, below target for the first five months of the fiscal year.

That prompted Daniels to announce more budget reductions earlier this month, including a $150 million cut in spending for higher education.

Daniels has said that he hopes the new forecast is more accurate. The next large cut on the list could come to K-12 education, which has avoided the blade so far.

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