Georgia's tax collections plummeted in January.  Revenues tumbled 14.3 percent - or $262 million - from the same month the year before.

The drop could mean even deeper cuts to the state's beleagured budget.  State officials are already slashing about $2 billion in state spending.  That has led to the elimination of programs and the furloughing of state employees.  The revenue numbers cover the month of December and show that spending in Georgia over the holiday season was dismal.

Sales tax revenues were off 17 percent from the same month last year.