From Business Week:

It was the fourth round of spending cuts he has made since the fiscal year started July 1, and the total reductions now stand at $458.5 million.

Barbour said the cuts are necessary because of the state's lagging revenues in a weak economy. He said during a news conference that January's tax collections came in $40.5 million below expectations. Barbour said the collections could be as much as $500 million below projections by the time the fiscal year ends June 30.  Read more.