COLUMBUS, Ohio -- A worst-case scenario was laid out for the Ohio economy by the governor on Thursday.
FAST FACTS:
* An across the board 25 percent budget cut is one option.
* From child care to schools and prisons -- all are on the chopping block in the face of a $7 billion deficit.
* Even with the economy in near shambles, Lt. Gov. Lee Fisher said Ohio must protect programs that are creating jobs.
Gov. Ted Strickland got right to the point during his address Thursday, saying that without help from President-Elect Barack Obama's administration, Ohio will be in dire straits.
"These are very unusual times, we have not seen economic circumstances like these certainly in my lifetime," Strickland said.
But in the midst of the dark foreshadowing, the Third Frontier Commission met Friday.
The group may be a ray of light, giving grants to businesses that are doing advanced research in medicine, technology and alternative energy.
"We're not stopping our efforts just because we're in a tough economy," Fisher said.
For every $1 the state has invested in a business in those areas, private industry is still investing $9, according to Fisher.
But the scenarios presented by Strickland would mean the group won't see an increase in funds to distribute and could take a significant hit.
The Third Frontier Commission ended up giving out $14 million in grants to 19 businesses on Friday.
They'll range from a group developing fuel cells to another developing next generation medical products.
The commission said it will continue current practices until Obama makes a decision on the federal recovery package, which will happen in January.
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