The District might have to raid its rainy day fund to balance the current budget, Chief Financial Officer Natwar Gandhi told city leaders, while projected gaps in future years have rapidly widened into the billions.

Gandhi’s newest revenue estimates, which he presented to Mayor Adrian Fenty and the D.C. Council in separate briefings Monday, paint a dismal picture of the District’s economy. Most pressing: A new $190 million deficit in fiscal 2009, the current budget year, thanks to sharp declines in property, sales and income tax revenues.