Kriss posted the WRC policy brief on the March revenue forecast. Today, Crosscut ran my article on the forecast and budget gap. A couple of excerpts:

Lawmakers facing a multi-billion dollar shortfall will want to spend everything Raha has identified for them. They shouldn’t. Remember, he also said downside risks are twice as high as upside risks. Take that seriously and you leave a little extra in reserve.

And …

At some point, pragmatism and resignation look a lot a like. This session, Gregoire has been the pragmatist. Last November, voters established a high bar for new taxes. The few remaining budget tricks don’t generate a lot of cash and they will magnify future problems. Over the next few weeks, lawmakers will conclude that the governor offered the budget she did because she had no other choice.

Neither do they.

The News Tribune offers a good editorial perspective.

Many of the Democrats who control the Legislature have had a hard time reconciling themselves to the new economic reality. Some of their proposals smack of pure denial – such as the 25th month gimmick, which amounts to pretending that the next biennium will have 25 months worth of revenues to cover 24 months of expenditures.

Another truly bad idea is “securitization” – raising a lump sum by selling bonds backed by future operating revenues. Critics accurately liken this to mortgaging the house to pay for groceries.

The groceries must be paid for with the paycheck, even if the paycheck is smaller.

This Everett Herald editorial also calls for an honest budget.

Tax increases are a political impossibility, so the discussion must focus on cuts and, importantly, reforms that can help put future budgeting on a more sustainable path.

…The short-term budget picture isn’t going to get better. The only responsible choice, especially for our children’s economic future, is to step up, address it squarely and adopt a clean, balanced budget by April 23.

Going to be a hard couple of weeks in Olympia.