[Seattle Times Editorial Board] WA’s bond rating is at risk and lawmakers have only themselves to blame

Washington leaders have been warned that their reckless fiscal practices could cost taxpayers billions of dollars in the not-so-distant future.

On Wednesday, Moody’s, one of the big three credit rating agencies, put the state on notice for this irresponsible fiscal stewardship. With a negative outlook from the agency, Gov. Bob Ferguson and Washington’s legislative leaders have a year to show the agency they can begin to live within their financial means — and if not, the state’s borrowing costs for projects will soar.
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Not only is this fiscally irresponsible but the state now stands on the precipice of costly new consequences. If Moody’s downgrades Washington’s debt rating in the next year, the cost to borrow for state projects will likely increase by about a quarter-billion dollars over the following four years.
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Lawmakers and Gov. Ferguson: Your propensity to overspend the budget beyond reliable revenues will deepen the financial hole you’re obligated to dig the state out of.

To avoid billions of dollars in higher borrowing costs for the state, as well as those local districts that depend on a triple A bond rating, tackle next year’s budget just as any family or business would: by finally living within your means.

The Seattle Times editorial board