Originally published Thursday, September 16, 2010 at 10:03 AM
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WA budget deficit $520M, spending cuts on the way
Low tax collections are driving a new state budget deficit of about $520 million - and that will lead to spending cuts of about 6.3 percent.
The Associated Press
OLYMPIA, Wash. —
Low tax collections are driving a new state budget deficit of about $520 million - and that will lead to spending cuts of about 6.3 percent.
That's the word from Thursday's state revenue forecast. Lawmakers and Gov. Chris Gregoire use the updated numbers to make decisions about the budget, which has been chronically out of balance following the recession.
The Democrat-led Legislature fixed a major deficit earlier this year. But the economy is still not recovering very fast, leading to the new hole in the current two-year budget.
Gregoire has already lined up across-the-board spending cuts to bring the budget back into the black. They'll hit most areas of state government. Overall, the state general fund is worth about $28.5 billion over two years.
UPDATE - 09:46 AM
Exxon Mobil wins ruling in Alaska oil spill case
NEW - 7:51 AM
Longview man says he was tortured with hot knife
Longview man says he was tortured with hot knife
Longview mill spills bleach into Columbia River
NEW - 8:00 AM
More extensive TSA searches in Sea-Tac Airport rattle some travelers
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