With Idaho's 2012 legislative session looming, lawmakers on the joint Economic Outlook & Revenue Assessment Committee convened this morning for a day and a half of hearings on the economy and likely tax revenues for the state and the nation. "The bottom line is that both economies are expected to grow over the next 18 months, but the increases will be gradual," state chief economist Derek Santos told the panel. Later this morning, the lawmakers will hear from representatives of the forest products, real estate, contractors, auto dealers and retail sectors of the economy, along with state labor, commerce and tech officials.

The panel's deliberations are aimed at a Jan. 12 decision on a tax revenue figure on which to peg the state's budget for next year.