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The Petri Dish
November 19, 2009

 
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Forecast calls for less revenue, more deficit and likely sin taxes


Posted at 11:56 am by Jerry Cornfield

Today's latest revenue forecast contained more evidence that consumers are not feeling good about their economic well-being and thus aren't spending any money.

The state's chief forecaster, Arun Raha, predicted another crushing drop of $760 million in expected revenues in the current budget that runs through June 30, 2011.

That prompted the governor's office to project the budget deficit is now $2.6 billion.

Here's Raha's report..

Gov. Chris Gregoire said earlier this week it was a formidable challenge to find savings when the deficit sat at $2 billion. Now, with a higher number, the process is getting more difficult.

"I don't quite see the path yet," budget director, Victor Moore. said today.

Here's his department's response to today's report and a PowerPoint on the problem.

After today's release of the report, Sen. Rodney Tom said he's looking at sin taxes and maybe a levy on candy next session.

Republican Rep. Ed Orcutt and Sen. Joe Zarelli both blasted the idea of any new tax in 2010.

Here's the senator's statement.

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