Washington State is facing a budget shortfall due to lower than expected state revenue. This news is met with the typical Republican response that spending needs to be cut with no specific cuts mentioned, so far in the news. What cuts to schools? What cuts to state salaries, parks and so forth? It's easier to just say spending is out of control than to really say what needs to be cut.
On the revenue side, there is good news that the state's capital gains tax is bringing in more revenue than expected. It's one bright spot in the otherwise weak revenue picture. This is due to the rising stock market and the continued rising fortunes of the very wealthy.
If the stock market takes a hit, however, it's seen as a volatile source of revenue that would be difficult depend on.
These issues face governments nationwide.
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