State deficit now tops $5.7 billion
Washington’s budget deficit just got a little worse.
New numbers released today by the Washington State Economic and Revenue Forecast Council show another $385 million decrease in revenues for the remainder of this biennium, and $809 million less for the 2011-13 biennium.
The state’s chief economist is expecting an additional $1.2 billion drop in tax collections between now and June of 2013.
As a result, the budget shortfall legislators will face this next legislative session is creeping toward the $5.7 billion mark.
Here’s the 10-page report from the state revenue department.
Washington Governor Chris Gregoire has said it’s possible she’ll call the legislature back to work after Thanksgiving for a special session to figure out how to cut spending and decrease the state’s debt.