Democratic leaders from the House and Senate proposed a new compromise budget in an attempt to finish negotiations before the end of the first special session.
House Majority Leader Pat Sullivan (D-Covington), House Appropriations Chair Ross Hunter (D-Medina), House Finance Chair Reuven Carlyle (D-Seattle), and Senate Ways and Means Chair Jim Hargrove (D-Hoquiam), and Vice-Chair Sharon Nelson (D-Maury Island) gathered to unveil the new budget proposal on Wednesday. It represents a good-faith step towards the Senate Majority’s budget while retaining modest revenue and upholding the values of Washington State.
The new budget would bolster K-12 education spending by $704 million, which makes the minimal down payment necessary to meet the Supreme Court’s mandate to fund our public school system. It also includes an additional $93 million in for higher education. These investments are funded primarily by closing two tax exemptions related to the estate tax and telecommunications tax.
Along with the budget, the legislators plan to introduce the Education Investment Act, which would close a number of special interest tax loophole to generate $255 million in revenue to the fund education. This measure – which would make significant strides in meeting the multi-year mandate to invest $4-5 billion in K-12 education – will be voted on separately.
The press release and supporting documents are available here.