Washington's Economic and Revenue Forecast Council said on Thursday that revenues for the next two years have been recalculated and adjusted downward, by more than $500 million.
An indicator for around the region? Possibly. Consider that the Oregon Legislature is still around, and still working on budget bills, and still debating over those numbers.
A good rundown of reaction to the Washington revisions shows up on the TVW Capitol Report blog. The main official reaction from Governor Chris Gregoire involves a 2% budget cut from previous levels.