The state of Oklahoma's economy is not so good, and local politicians say use of rainy day funds is inevitable.

At one time it was believed Oklahoma's economy would sustain itself as surrounding economies faltered, but a year after a nationwide financial meltdown Oklahoma is caught in the fray.

"Whoever said we have a recession proof economy should be shot," Rep. Joe Dorman, D-Rush Springs, said jokingly.

But, even if Oklahoma's economy is faltering, it is not as bad as in other states. Oklahoma's five percent unemployment rate is extremely low compared to almost 20 percent in Michigan, and Oklahoma state law prevents it from going into a deficit, unlike California which has a budget shortfall of more than $40 billion.

"In some respects were fortunate, just look at the problems they have in California," said Sen. Ron Justice, R-Chickasha.

Both Dorman and Justice agreed that tapping the rainy day will happen. Justice said that the concern after opening the fund is depleting it.

"If we wind up spending all of it this year that's a big setback for the next," Justice said. "You don't want to use it all at one time until we see some things turning around."

The state has already hemorrhaged more than $250 million in cash reserves, leaving less than $400 million in rainy day funds, Dorman said. He said the state will also spend upwards of $600 million in stimulus money.

Some politicians, including Justice, have called for a special legislative session to settle the budget shortfalls before next year, but Dorman believes it would be too expensive and too late to make any real changes.

Dorman thinks real progress will be made come February when the legislature is back in session.

He said that if the economy does not start to strengthen and replenish funds being used, legislatures will be left with two real options: make cuts to state agencies or raise revenue through taxation and fees. Dorman thinks the latter will not happen, leaving cuts as the only option.

"With the attitude of the current legislation I can see future budget cuts...It's gonna be devastating to many state agencies," Dorman said.