AUGUSTA — Members of Gov.-elect Paul LePage’s transition team say they’re inching their way toward formulating a two-year state budget under severe time constraints.

In a briefing with reporters today, transition co-chair Tarren Bragdon said a budget proposal must be ready for public presentation by early February. He says the transition’s budget advisers are looking at a broad range of savings initiatives submitted by lawmakers, the public and other LePage advisers to balance the budget despite a huge looming revenue shortfall.

While the gap between revenues and spending in the budget was once estimated at $1.2 billion, budget working group leader Sawin Millett says the picture is looking a few hundred million dollars brighter thanks to slowly increasing revenues. But he says the number changes daily.