OLYMPIA – Responding to the proposed budgets introduced by Legislative Democrats, Treasurer Mike Pellicciotti released the following statement:
“The next four years present significant challenges to the state of Washington. Balancing the budget as the federal administration threatens to withhold funds amid economic stress is a challenging task for budget writers.
“These are difficult choices. What cannot be an option is exposing the people of Washington to the coercive pressure of the federal government by draining reserves in the final budget.
“My office has clearly and consistently communicated with the public and the Legislature about the need to keep at least ten percent of state revenues in reserves. This would best maintain Washington’s excellent credit ratings and insulate our state from economic turbulence and natural disasters.
“Our state must also anticipate coercive tactics by the federal government to withhold dollars to force policy changes in our state. This strategy has already been used against universities and major law firms. Our best defense is money in the bank. Removing this shield threatens Washington’s sovereignty.