(The Center Square) – Despite passing the largest tax increase in state history amid record revenue levels, Washington state’s wallet may be empty by the end of the 2025-27 biennium, according to a new report by the state Economic and Revenue Forecast Council.

While ERFC members noted during its Tuesday meeting that the news comes just as the state is entering the biennium, State Treasurer Mike Pellicciotti, a former legislator, pointed out that the state can also turn to its rainy day fund.