AUGUSTA – With an existing budget gap already set at $95 million, a state panel Monday affirmed another $95 million downward revenue adjustment.

The Revenue Forecasting Committee, mirroring similar action taken in November, scaled back its revenue projections largely to reflect negative economic trends that are expected to further constrain state tax collections.

The new adjustment effectively doubles the budget hole facing Gov. John Baldacci, who has put forth a package of proposals to cover the first $95 million shortfall, and the Legislature.

Monday’s action by the forecasting panel had been widely anticipated. Still, a formal revision downward sets the stage for new debate in earnest over how to put the two-year $6.3 billion General Fund budget back in balance.

Across the nation, numerous states face deficits and have forecast spending shortfalls for 2009. State fiscal problems were a topic during the three-day National Governors Association meeting in Washington that concluded Monday.

“The news today from the Revenue Forecasting Committee confirms our concerns. The national economy continues to slow, and Maine has not escaped the impact,” Baldacci, who attended the NGA session, said in a statement.

“I know many people are asking about higher taxes. I believe we must first have a comprehensive discussion about spending and our priorities as a state. We must be cautious about adding to the burden that Maine people and businesses must carry,” Baldacci said.

“I have been reluctant to consider using money from the budget stabilization fund to offset the earlier $95 million revenue downturn. Using one-time resources to resolve what appears to be an ongoing problem is not a real solution. However, with only a few months remaining to bring the current fiscal year back into balance, this option will be considered,” Baldacci added.

State reserves have been pegged in the range of $160 million.

The Legislature’s Appropriations Committee is expected to hear details of the Revenue Forecasting Committee’s action when the legislative committee convenes Tuesday.

“The state faces a difficult budget, but we must not forget that every Mainer is facing increasing financial pressures. I will continue to work with the Legislature on a budget that protects the state’s most vulnerable people and sets us on a path toward sustainable economic growth,” Baldacci said.