The Senate Democrat proposal would drain $1.6 billion in savings. Newly proposed taxes would replenish the funds.
OLYMPIA, Wash. — Washington Treasurer Mike Pellicciotti has concerns about tapping into the state’s emergency savings account to help make up for a budget deficit.
“I view that to be a dangerous situation,” said Pellicciotti, a Democrat.
The budget proposed Monday by Washington Senate Democrats calls for draining most of the state’s Budget Stabilization Account, commonly known as the rainy day fund.
The proposal would take $1.6 billion from the account, reducing reserves to $25 million in 2026, said a Senate Democrat spokesperson.
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