Washington maintained its AA-plus rating from Fitch Ratings despite its difficulty in increasing revenue because residents pay no income tax, according to a report from the agency.
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The report comes on the heels of the Legislature’s approval of $480 million in gap-closing actions for the current biennium, including fund shifts, delays in payments to school bus operators, and some cuts to corrections budgets, health care services, and a host of other programs, the report said.
The Legislature’s actions are attempts to deal with a $1.4 billion budget deficit that emerged as the revenue forecast was repeatedly revised downward this year.
