Unlike Washington D.C., our state actually has to balance its budget. Washington operates on two-year budget cycles and was the first state to adopt a four-year balanced budget requirement, which has been the most important fiscal reform in a generation.
The Seattle Times editorialized last month when the Legislature went into a special session over the requirement:
“Meanwhile, legislators all knew from the start of the session they were required to produce a budget that balances over four years. The discipline this imposes is especially important now, as economic growth appears likely to slow in coming years.”
So what does it all mean? Find out in this week’s episode of 57 Seconds.