Estimated fiscal impact of SJR 8221 (Reducing Washington’s Constitutional Debt Limit)

This November voters will consider Senate Joint Resolution 8221 to reduce Washington’s constitutional debt limit over a twenty year period (2014-2034) from nine to eight percent while changing the calculation of revenue for purposes of determining the state debt limit. The proposed constitutional amendment would implement the recommendations of the Commission on State Debt. Servicing the state’s debt currently consumes nearly $2 billion of the $31 billion operating budget, or approximately 6% of spending . . . READ MORE