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ALBANY, N.Y. -- The Division of Budget has released its mid-year budget forecast, which projects a $350 million deficit this fiscal year and a deficit ranging from $3 billion to $3.5 billion next year.

The Division of Budget is blaming the weak economy for the gap.

The shortfall for this year is larger than initially thought. Governor Andrew Cuomo said earlier this month that the state's fiscal picture is getting worse. The initial estimated budget gap was around $2.4 billion.

Lawmakers may return to Albany to address the gap.

Appearing on The Capitol Pressroom, Cuomo said he's cautioning people with the numbers because they've been fluctuating.

"There's been a lot of volatility with these numbers so we've put out these numbers, but I'm going to continue to watch them over the coming weeks because it's been a little bit like watching a bouncing ball over these past few weeks."

FY2012 Mid Year Update