"The Colorado media are filled with claims that the state budget faces around a $600 million shortfall. Penn Pfiffner explains the details in an Independence Institute podcast.

Pfiffner explains: "Really the bottom line that we need to talk about when we talk about that $600 million, is that about two-thirds of that is a lower amount in the increase. Now there will be some real cuts in the general fund operating budget from last year to this year because of the recession."

"I caught up with Penn Pfiffner at the November 13 Independence Institute banquet. Pfiffner led the charge against Amendment 59. Following is a slightly redacted transcript of my conversation with him.

Ari: Congratulations on the defeat of Amendment 59, the net tax hike that would have debruced the state. I was happily stunned that that lost. How did that happen?