State budget outlook worsens
Posted by Amber Gunn - April 21, 2008The non-partisan Senate Ways & Means Committee has updated their 6 year outlook and it doesn’t look good.
The new outlook projects a deficit of $2.5 billion next biennium (up from $2.4 billion) and $5.3 billion at the end of the 2011-13 biennium (up from $5.1 billion). The changed outlook takes into account the 2008 enacted supplemental budget, including Governor Gregoire’s budget and revenue vetoes.
It is noteworthy that the projection does not include the cost of the Earned Income Tax Credit (after all, the law includes an escape clause that the state doesn’t have to pay if it can’t afford it and those estimates would only exacerbate the deficit).
Ways & Means estimates about $1.059 billion will be deposited in the rainy day account over the six-year timeline.
Thoughts? Add Comment -
erheault said on Apr 22 2008 at 2:36pm
Unfortunatly the state dosent even have a clue about what the defisite will be as of now the start of a massive inflation has started and when or how it will end is anybodys guess but it will be bloody on the nation,State, and workers, our food will be short also crop grains going to be processed into alkahol and world shortages will happen.