05/30/2010 05:12 am ET Updated May 25, 2011

Colorado-Pinnacol Assurance Deal Is Off

DENVER - Lawmakers this week began work to set a budget for the 2010-11 fiscal year that require more cuts -- and more severe cuts -- than any of the budgets they've balanced since the current recession began.

In such a climate, with an anticipated shortfall that could be around $1.3 billion, you could understand why Gov. Bill Ritter's office was intrigued by a proposal to get back $300 million by selling off Pinnacol Assurance, the quasi-governmental worker's compensation insurance provider.

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