PROVIDENCE, R.I. — A potential $99.6-million sinkhole has opened up in Gov. Gina Raimondo's proposed $9.2-billion budget for the year that begins on July 1.

After nearly 10 hours of numbers crunching, the state's officials revenue estimators agreed Wednesday night that revenues are running $60.1 million short of expectations for the current budget year, and $39.5 million short of earlier projections for the new budget year now less than two months away.

Together, the two numbers spell new — though not totally unexpected — trouble for the governor and lawmakers as they hit their own crunch time for negotiating a budget to pay for everything from road and bridge repairs to Medicaid bills to the state's share of public school costs in every city and town in Rhode Island.

A drop in corporate tax collections has been a significant factor in the revenue falloff, prompting this reaction from Raimondo spokesman Mike Raia:

"Across the nation, President Trump’s policies have created a lot of uncertainty for businesses and state fiscal officers. At least two-thirds of states, including our neighbors in Massachusetts and Connecticut, have seen revenues fall short of projections as individuals and businesses look to Washington for a signal of what’s to come.

"The General Assembly has some tough choices ahead of them,'' he said, "and Governor Raimondo’s ready to roll up her sleeves and work with them to pass a balanced budget that protects the progress we’ve made in recent years to strengthen our economy and invest in job training and workforce development.”

House Speaker Nicholas Mattiello was not so quick, however, to blame the Trump effect.

"I can understand that certain economic projections have been revised to reflect lower growth, but it is frustrating to me that a lot of the budget problems are due to not achieving budget savings or revenue initiatives the administration proposed last year,'' he said Wednesday night.

"State government must be managed better so that it works more cost effectively for the taxpayers. My budget priorities have not changed. We will continue our diligence and make sure we cover this gap. We will look at everything,'' he said.

And John Simmons, executive director of the Rhode Island Public Expenditure Council, saw signs of weakness in the Rhode Island economy in the "significantly" reduced business tax numbers. "That is a concern for us,'' he said. "If you look at the economy and the growth [in] employment, the areas which are growing are the areas of lower wage positions,'' in the hospitality industry for example. 'We are growing in that area but we are not growing in the areas of higher wage and higher margins."

Some key numbers: Corporate tax collections this year are now pegged at $125 million in revenue this year, down from $134.9 million in actual collections last year and the $167.5 million projected for this year in November when the top fiscal advisers to the legislature and the governor last held an official Revenue & Caseload Estimating Conference.

While some estimates went up slightly, the net effect is a $60.1 million reduction in the $3.719 billion the Raimondo administration was banking on to pay the state's share of the bills for this year's $8.9 billion state-and-federally financed budget. The revenue falloff is not an immediate crisis, but it will cut into this year's previously anticipated $78 million, leaving that much less for the state to rollover and spend in the new year.

"We've been fortunate the last couple of years to come out of May with additional funds, so it is not a great situation to have to deal with,'' said state budget officer Thomas Mullaney.

The bottom line: less money makes it that much harder for everyone at the Rhode Island State House to get everything they want in the new state budget.

Democrat Raimondo has been pitching two years of free state-college tuition, starting at the Community College of Rhode Island at an estimated cost of $10 million. Mattiello, D-Cranston, made a campaign promise to repeal the hated car tax over five years, at a potential first-year cost of $40 million. And each and every state lawmaker has his or her own list of tax-and-spending priorities.

States across the nation — including Massachusetts — are grappling with revenue shortfalls attributed, in part, to corporate uncertainty about the direction that President Trump and the GOP-led Congress are heading with tax cuts and spending.

Here's one theory: Businesses are pushing profits into future years on the hope that Trump's team will as promised produce the “the biggest individual and business tax cut in American history."

"The mere prospect of falling tax rates has already started changing people’s behavior, encouraging them to hold stocks a bit longer or claim their income a bit later. And that’s wreaking havoc across state budgets,'' the Boston Globe reported.

A recent Center on Budget and Policy Priorities report carried this headline: "33 States Face Revenue Shortfalls in 2017 and 2018."