Forecast reveals red ink, stirs more cuts and incites talk of special session

It's never easy to quickly discern what all the numbers mean in an economic forecast.

But there are some bottom lines:

-revenue will fall another $482 million from previous projections
-this leaves the general fund short by $194 million by June 30, 2011 - assuming nothing changes in how government runs or how the economy is predicted to deliver
-Gov. Chris Gregoire ordered leaders of cabinet agencies to pare another 2 percent out of their spending to save $200 million to $250 million, thus plugging the gap
-there is enough money to cover the shortfall in the rainy day fund but accessing it requires action by the Legislature
-the Legislature isn't planning to return to work unitl January thouggh today's news is making them think about a special session in October when legislators are in town for committee days.
-the sense of urgency is not there yet among lawmakers as they want to see what's in the September forecast before signing on for a special session.

Oh, the report also gives a view of the state's economy. Those bottom lines include:

-the recession is bottoming out
-unemployment will rise to 10.6 percent by next year
-consumer spending will climb this holiday season
-exports will rise in 2011
-revenues to the state will exceed spending by the state in the second year of the next biennium

Here's the press release for today's report.