Effort to repeal Washington’s landmark carbon program puts budget in limbo with billions at stake

SEATTLE (AP) — A conservative-backed effort to repeal Washington state’s landmark carbon pricing program and tax on the sale of stocks and bonds is putting the budget into limbo, with billions of dollars at stake and just days left in this year’s Legislative session.

Lawmakers are scrambling to finalize a trio of statewide supplemental budgets that feature new investments in everything from curbing the opioid crisis to electric ferries before the regular session ends March 7. But initiatives that are expected for the November ballot could cumulatively strip more than $2.1 billion from the bottom line.

The initiatives to repeal the state’s landmark Climate Commitment Act and the tax on the sale of stocks and bonds are part of a broader effort by conservatives to overturn some of the biggest recent policy wins by the majority Democratic party.

“While yes there’s a lot of pet projects that wouldn’t be funded going forward, a lot of that money was one time anyways,” said Rep. Chris Corry, top Republican on the House appropriations committee. “But the direct result is consumers will have more money in their paychecks, which is what they’re telling us they want.”

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