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Category: The economy

A modest uptick for WA treasury

A modest uptick for WA treasury

Amid continuing state budget angst, the state’s chief economist reported a tiny ray of sunshine Monday.  The new tax collection report for the past month is up about $24 million. That’s peanuts compared with the $5 billion budget gap that faces lawmakers, of course, and swamps the $700 million worth of spending cuts the governor and the Legislature just approved as they try to get the state’s budget back in balance.  But it’s the right direction. Arun Raha, director of…

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Gregoire calls emergency budget session

Gregoire calls emergency budget session

Gov. Chris Gregoire has called Washington lawmakers into an emergency special session at 9 a.m. Saturday to deal with the state’s billion-dollar budget gap. This is apparently the first “lame duck” session the Legislature has ever had. Leaders said they have agreement on cutting $784 million, including about $200 million of across-the-board cuts previously ordered by the governor and about $200 million in federal aid-to-education. The session is permitted to last 30 days, but leaders said they’re planning on a…

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WA revenue projections plunge $1.2 billion

WA revenue projections plunge $1.2 billion

More dire news for the state Legislature and Governor Gregoire:  The multibillion-dollar budget hole has gotten about $1.2 billion worse.  Washington’s projected deficit is now calculated at well over $5 billion. The state’s anemic economy and the huge budget gap will dominate the upcoming legislative session, and Sen. Joe Zarelli and other lawmakers are urging that an emergency session be held next month to get a head start on more cuts.  The governor already has ordered across-the-board cuts of over…

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Report: WA recession over, recovery `tepid at best’

Report: WA recession over, recovery `tepid at best’

Washington’s economy is officially out of recession  — and state revenue is even growing a tiny bit. But the recovery, mirroring the national scene, is “painfully slow” and “tepid at best,” said a new Columbus Day report released by the state Economic and Revenue Foecast Council. The state’s chief economist, Arun Raha, announced that tax collections for the past month have grown $2.5 million above the September forecast.  In a two-year budget of $30 billion, that’s peanuts, of course, but…

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