State revenue projection just got $698 million worse

Friday, March 18, 2011 - 11:57am
The Seattle Times

The state's chief economist delivered more bad news on Thursday, announcing that projected state tax collections are down another $698 million over the next two years.

State officials now estimate the two-year budget shortfall at around $5.1 billion and say it could reach $6 billion. Gov. Chris Gregoire's budget office previously estimated a shortfall of around $4.6 billion when she released her plan to cut spending back in December.