As new estimates of state revenues continue to emerge, public officials struggle to understand their implications for public education. The goal of this analysis is to produce rapid projections of the effects on public education of the most recent estimates of declines in state revenues. More specifically, what's sought are both estimates of the degree to which K-12 education spending could be cut under a specified set of assumptions and the corresponding effect on employment. This analysis summarizes both the magnitude of projected reductions in state spending on K-12 education and the projected impact on job loss in K-12 education. (Contains 2 tables, 1 figure, and 9 notes.)