Lawmakers bracing for deficit to top $2 billion

If you're a legislative junkie, your eyes will be glued to the Economic and Revenue Forecast Council meeting this morning at 10 a.m.

Washington's economy, like most other states, is struggling. Last session legislators approved more than $3 billion in cuts to the two-year 2009-2011 operating budget. It's now appearing they'll have to cut an additional $2 billion (or more) to make sure we break even at the end of 2011. The ERFC report will provide more specific information about how much of a shortfall we're looking at.

This information is crucial to helping the governor and lawmakers as they start drafting budgets. Governor Gregoire will be the first to release her budget, sometime in December.

It's sobering when you realize what it takes to cut more than $5 billion from our two-year budget. As Rep. Reuven Carlyle pointed out from a presentation given by the Office of Financial Management, you could eliminate all state funding for the University of Washington, Washington State University as well as Central, Eastern, Western and the Evergreen State Colleges, and cut all state funding for the Department of Health and that only gets you $1.53 billion.

Tune in to TVW at 10 to watch the meeting. We'll post an update later today. Following the meeting, TVW will air an interview with Rep. Ross Hunter who sits on the ERFC and is chair of the House Finance Committee.