Revenue update: Economy limps, tax collections lag
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A new state economic and revenue update says the national economic recovery "appears to be stalling" and that state tax collections are lagging below expected levels.
The report from chief economist Arun Raha says collections were down more than $40 million below the June forecast, bringing the total backslide for the past two months to $124.5 million.
The news comes shortly after President Obama signed a $26 billion bailout for the states, including $338 million in expected federal aid for Medicaid services in Washington state. Thus far, the state is avoiding red ink.
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Secretary of State
Steve Hobbs
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