As the state of Washington grapples with the economic fallout from the COVID-19 pandemic, lawmakers are bracing for a bleak revenue forecast on June 17 that could portend a $10 billion drop in state tax collections over the next three years.
Already, a preliminary forecast in May predicted state revenues would crater by $7 billion over that same time period. The official forecast is likely to be worse. The state’s current two-year budget is approximately $53 billion.
“We know that we are faced with a big problem over the next few years,” said David Schumacher, the governor’s budget director, in a recent call with reporters.