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Tag: state Revenue Forecast Council

Suddenly, some rosy economic news for WA

Suddenly, some rosy economic news for WA

Light at the end of the tunnel: Washington economists are projecting a $96 million increase in the state’s revenue. Coupled with news that state government will save $330 million in lower caseload costs and that House Republicans will support closing a banking tax loophole, it could mean lawmakers can avoid calling a special election to ask voters to boost the state sales tax a half-cent for the next three years. It also makes it more likely that the Legislature will…

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Bleak times: WA revenue projections plummet $1.4b

Bleak times: WA revenue projections plummet $1.4b

Washington’s expected revenues have plummeted more than $1.4 billion. Governor Gregoire will order across-the-board emergency cuts in state government spending, reportedly in the 6 percent range.  The state now has a projected deficit of about $520 million. Lawmakers and the governor already were girding for a $3 billion shortfall as they write the new two-year state budget this winter. The stunning economic news was presented by the state’s chief economist, Arun Raha, to the bipartisan legislative-administration panel called the Economic…

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`Anemic’ recovery: Tax collections off $68m

`Anemic’ recovery: Tax collections off $68m

The hits keep on coming … A new report from the Washington Economic and Revenue Forecast Council says the U.S. economy is anemic, with the ever-present possibility that the recovery will stall out. Job growth is wimpy, the housing market has collapsed, consumers are hesitant to spend, and Europe’s debt and austerity woes are troubling. Against that backdrop, in recent weeks the state economy also has stumbled, writes chief economist Arun Raha. He does note some upsides: exports to Asia,…

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