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Tue November 8, 2011
Wash. voters approve resolution on budget savings
OLYMPIA, Wash. (AP) — Washington voters have approved a constitutional amendment that requires the Legislature to set aside cash during boom years.
Unofficial results Tuesday night showed the measure passing, with early returns showing support of about two-thirds of voters. The resolution is designed to provide more budget stability, preventing spending from increasing too much during years of high economic growth and providing a cash buffer when revenues are weak.
Lawmakers passed the measure by a wide margin with support from Democratic and Republican leadership along with State Treasurer James McIntire. A small group of Democratic lawmakers opposed the resolution, saying it will leave people paying for taxes and getting nothing but a bigger savings account.