OLYMPIA, Wash. (AP) — Washington state’s top finance official wants to use an expected $1.3 billion revenue windfall to pay down the state’s growing debt pile.
He’s finding few takers among lawmakers eager to give their constituents more tangible benefits of living in one of the nation’s fastest growing economies.
State Treasurer Duane Davidson says the money could go to repay a portion of the $21 billion the state has racked up in debt, making it the nation’s sixth-most indebted on a per-resident basis, according to S&P Global Ratings.
He also supports putting the money in the state’s rainy day fund, or paying toward its $13.8 billion of unfunded pension obligations. Instead, Democratic and Republican lawmakers have proposed cutting property taxes that were raised last year to comply with a 2012 state Supreme Court order to fully-fund basic education.