Louisiana state lawmakers on Monday received a sobering glimpse of the state’s economic downturn, which one economist warned would be worse than the one experienced after Hurricane Katrina, as officials race to figure out how much tax money the state will lose as the budget is thrown into turmoil.

A cratering price of oil, coupled with business closures mandated to slow the spread of the new coronavirus, has quickly reversed the state’s budget outlook from where it was in early March, when the legislative session began. Commissioner of Administration Jay Dardenne signaled Monday to the House Appropriations Committee that investments in schools, early childhood education and teacher pay are no longer likely.

Instead, Gov. John Bel Edwards’ administration is asking state agencies for contingency plans

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