The state Economic & Revenue Forecast Council today released good news: the budget trajectory is flat.
This brings to mind a Churchill quote that goes something like, “Nothing in life is so exhilarating as being shot at and missed.”
Legislative rumors had revved into high gear last week, anticipating a $500-million hit to the budget as a result of the federal sequester. Here’s part of the good news, courtesy of the estimable Jim Camden at the Spokesman Review:
OLYMPIA — Washington can expect two more years of slow economic growth, and may collect slightly less tax money than it expected over the next two years, the state’s economist said today.
In other words, “No real major changes,” Economist Steve Lerch said. “We still see lots of uncertainty out there. The downside risks are a little bit above the upside risks.”
The economic and revenue forecast says it may also collect slightly more tax money than expected before June 30, the end of the fiscal year.
“It takes a hard problem and doesn’t make it worse,” Rep. Ross Hunter, D-Medina, the chairman of the House Appropriations Committee, said. “It’s still a hard problem.”