Governor John Bel Edwards is set to make a rare televised speech about the state’s current financial deficit. Edwards is expected to address the state’s current budget deficit and outline how he plans to fix the problem.

“There’s no easy way out of the mess were in, you can cut government spending, that hurts the economy in the short-term and our economy is not in a strong time when you can increase taxes and that also hurts.” Cary Heath, head of the Department of Economics and Finance at UL Lafayette tells KLFY’s Kellie Brown.

The current budget gap is about $750 million and must be filed by June 30.

The next fiscal year starts July 1, the budget gap for that year is an estimated $1.9 Billion.

“Cutting tax credits for solar panels, I mean how much does that really help the economy. Unfortunately that wouldn’t bring in a lot of revenue either OK. We could increase taxes on cigarettes and alcohol I think that probably will happen.”

Heath says if cuts do happen Edwards should consider both their long term and short term effect. Especially when it comes to cutting higher education and health care.

“Industries don’t come to places where they are taxed to death. On the other hand, in terms of spending they don’t come to places where education is neglected or other infrastructure, highways.”

Pail Bedel, a resident in Lafayette believes that no matter what the outcome is, raising taxes isn’t good for anyone.

“Hiking up everything up everything is not going to help anybody, even if you’re not in the oil field, if your teacher. You have a hard enough time making everything on a teacher’s salary, taxes go up and you’re out of luck.”

Heath added that ultimately fixing the problem will require cooperation from all parties.

“The solution is going to have to involve both Democrats and Republicans, fiscal conservatives as well as liberals.”

No matter what the governor decides Heath says, it would take years to get the state back on track.