Governor Bob Holden says corporate tax loopholes and a cut in the state budget are on the way because of a shrinking budget, but a professor who conducted a study for a group representing businesses in the state says there’s just too much money being spent. John McGowan from Saint Louis University ran the study for Associated Industries of Missouri. It says the amount of state revenues have increased over the last ten years – just not as much as the appetite to spend that money. And, he says the words “budget cut” are a bit of a misnomer because in reality, it’s just not as much of an increase in state spending. McGowan contends the state could make up some of the shortfall by going after more non-tax revenue such as federal money. Associated Industries officials are also announcing some ideas to reduce state obligations including cutting the Governor’s withhold amount in the state budget and offering early retirements to some state workers.