Governor-elect Jay Nixon's financial analyst announced Tuesday the Missouri budget isn't faring well.

Intro: One day after the U.S. economy was officially declared to be in a recession, a man by the name of Goode said the economy is as bad as it has ever been.

Brenda Martens has more from the State Capitol.

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Former Senator Wayne Goode's comments came during a conference call with Missouri's statehouse reporters.

With many pauses and breaks while he spoke Goode said the economy is as bad as it was more than 70 years ago.

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Description: The national economy is in a state that, uh, I think, no one has seen certainly since the last depression in the late 20's and throughout the 30's.

While Goode spoke Tuesday, Governor-elect Jay Nixon was meeting with President-elect Barack Obama and other governors from across the nation.

From Jefferson City, I'm Brenda Martens.

Intro: While Governor-elect Jay Nixon met with President-elect Obama and other governors from across the country, Nixon's top financial adviser compared the nation's current economy to the Great Depression.

Brenda Martens has more from the State Capitol.

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Former Senator Wayne Goode says he thinks the nation is in the worst recession since the 1930's.

Goode said the national economy affects Missouri revenue which means the state's new head executive will need to make serious spending changes when he takes office.

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Description: An effort to shift spending to those things that are absolutely necessary and maybe delay spending on some other items.

Goode predicts a budget shortfall of 340 million dollars by the end of this fiscal year.

Reporting from Jefferson City, I'm Brenda Martens.

Intro: On the same day Missouri's Office of Administration announced a nearly four percent drop in tax collections, the incoming governor's top financial adviser compared the nation's economy to the Great Depression.

Brenda Martens has more from Jefferson City.

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Former Senator Wayne Goode says the nation is in the worst recession since the 1930's with the future of the economy in doubt.

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Description: There are so many uncertainties surrounding this downturn, that it's difficult for anyone to tell when we might come out of it.

Although Goode says the nation's recession has drastically affected state revenue, Missouri is still financially better off than the federal government.

According to Goode, Governor-elect Nixon will need to makes some "shifts in state spending" but so far there is no indication of future tax increases.

Reporting from Jefferson City, I'm Brenda Martens.