It turns out it's much worse than the estimated $1 billion budget shortfall and state agencies will have to make deeper cuts because of it.
The state Office of Management and Enterprise Services told News 9 their January revenue projections were off by more than 17 percent, and the budget crisis is much worse than they imagined.
What that likely means is the 3 percent cuts state agencies saw in January will be deepened come March.
Republicans say low oil prices are driving the crisis. Democrats blame Republicans for the shortfall and said GOP lawmakers have granted too many tax exemptions.
State Rep. Richard Morrissette, D-Oklahoma City, said lawmakers should put off any policy issues until they have a handle on the budget crisis.
A more precise amount of the shortfall should be known by next week.