The Oklahoma Legislature will have to tap into the state's rainy day fund – and soon, local lawmakers on the state level say.

Both Rep. Joe Dorman, D-Rush Springs, and Sen. Ron Justice, R-Chickasha, said its not a matter of if the Legislature will tap into the fund, it's a matter of when – and for how much.

The rainy day fund contains about $600 million-plus.

State agencies have experienced 5 percent budget cuts in every month since August, and plunging revenues recently led officials to order 10 percent budget cuts across the state.

The results: State agencies will be cut about $43 million in allocations this month, and senior centers are having to make do with less food, child welfare workers are being laid off,, and educators see financial calamity on the horizon.

It's a far different situation than what faced Oklahoma this time last year, when officials were bragging about the state being recession proof, even as the national economy slipped.

"Whoever said we have a recession proof economy should be shot," Dorman said, jokingly.

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 said 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 taxes and fees. Dorman doesn't foresee a tax increase, so that would leave Oklahoma lawmakers with just one option: cut programs.

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

But, even if Oklahoma's economy is faltering, it is not as bad as in other states. Oklahoma's five percent unemployment rate is low compared to 15.1 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," Justice said.

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."