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Lawmakers debate Washington's fiscal outlook after Moody's downgrade; tax changes and audit findings loom
Summary
Eastside legislators and state lawmakers at a Bellevue College forum discussed Moody's downgrade and a narrowing reserve position, recent state-auditor findings and the policy choices ahead, including the millionaire's tax, possible B&O changes and concerns about capital flight.
A legislative panel at Bellevue College on June 1 brought together Eastside lawmakers to wrestle with the state's fiscal outlook after Moody's lowered Washington's bond outlook from "stable" to "negative" and a series of public-audit findings raised questions about agency accounting.
Representative Wallen told the audience the state has been "overspent compared to revenue consistently" since the COVID era and warned that maintenance-level spending adopted after temporary federal aid has lifted the baseline. He said the state spent $4.8 billion more than revenue in the last biennium and that budgetary reserves are "woefully inadequate," putting pressure on long-term creditworthiness.
Representative Hall said the concerns are "somewhere in the middle" and noted that the Legislature followed…
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