TALLAHASSEE -- Calling Florida's financial outlook ''ugly,'' the chief steward of the state's dwindling finances said Wednesday that Gov. Charlie Crist and the state Legislature need to hold a special lawmaking session as soon as possible.

Chief Financial Officer Alex Sink said that state economists will likely announce on Nov. 21 that Florida's tax revenue, now $800 million below forecast, will slow by another $1.2 billion, leaving a budget gap of nearly $2 billion.

Sink said legislators need to act quickly to figure out what programs to cut and whether to find a way to raise fees, taxes or find other sources of money.

''The time is now,'' she said. ``We know it's not going to be a pretty picture next Friday. Whether it's $700 million or $1.2 billion -- whatever the number is, it's ugly. And so we all need to be prepared very quickly when the final official word comes in.''

Crist, who has the power to call legislators into a special session, was attending the Republican Governors Association meeting Wednesday in Miami and rejected the call for a special session. He said he will wait to decide whether to call one until after the conference of state economists on Nov. 21.

BAD TIMING

Sink -- the only Democrat in the state Cabinet -- believes legislators should prepare for a special session during their scheduled committee week on Dec. 14. That's bad timing for Crist, whose wedding to Carole Rome is scheduled for Dec. 12 in St. Petersburg.

Meanwhile, House Republicans will be busy on Nov. 21, wrapping up a three-day Panhandle getaway at the luxury WaterColor resort in Santa Rosa Beach. Incoming House Speaker Ray Sansom told reporters Wednesday that taxpayers aren't footing the bill for the annual event, which in the past has been estimated to cost $400,000 -- the state party is.

Sansom said he is not prepared to call for a special session and remains confident that the budget -- already $6 billion smaller than last year's -- can be balanced during the regular 2009 legislative session because of Crist's call for a 4 percent state-agency cut that's already in place.

But even if lawmakers sign off on Crist's so-called ''hold back'' of agency budgets, that move is likely to generate only about $300 million in savings.

Sansom, a Destin Republican, did not rule out a special session. ''We're always thinking about it,'' he said. ``I just don't know yet if it's something we need to do or not.''

Sansom said it will ''take a little time'' for the 45 freshmen legislators to organize and get prepared. But at an orientation meeting Wednesday, he urged them to ''be humbled'' by the magnitude of their assignment. ''When you see the budget, you'll be brought to your knees,'' he told them.

Sink, a banker and the only statewide leader with a financial background, warned that the state faces a cash-flow problem that has already forced the governor to seek permission to borrow at least $1.5 billion from trust funds to pay bills through January.

Those dedicated spending accounts, used to pay for things ranging from worker compensation claims to tourism marketing, must be repaid by the end of June.

''I have a very strong belief that we cannot wait until [the session in] March to deal with this year's financial issues,'' Sink said.

RAISING FEES

She offered few specific recommendations for how to balance Florida's budget. She suggested that the Legislature look at raising some licensing fees that cost more to manage than they bring in, and make targeted budget cuts, but she admitted that much more than that would be needed to fill the budget hole.

Asked if the state can continue budgeting for all of its needs without raising more revenue, Sink said: ``I don't know.''

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