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UPDATED: Washington state budget deficit off another $760 million

November 19, 2009, 10:40 am

The latest revenue projections for Washington State predict another $760 million drop in general fund collections, compared to estimates released just two months ago.

The projections were issued today by the Economic and Revenue Forecast Council. They indicate general fund revenues for the 2009-11 biennium will hit $28.8 billion, down from the $29.6 billion estimate in September.

State economist Arun Raha said the revised numbers reflect a $97 million shortfall in actual revenue collections in the last two months, plus a $663 million reduction related to a weaker economic forecast.

Although the state and national economy began growing again during the third quarter, he said unemployment continues to be high and consumer spending is weak. "As a result," Raha said, "we are experiencing a revenue-less recovery."

The revised projections boost Washington's 2009-11 budget deficit to more than $2 billion.

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For more on this story, see Friday's Lewiston Tribune.