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I'm Paris Jackson.

There's about two weeks left in Washington's regular legislative session.

And lawmakers are tackling how to balance the state's budget.

Cascade PBS reporter Venice Buhain explains the key things to know about the budget process this year.

BUHAIN (VO): In this year's short legislative session, lawmakers are dealing with the budget shortfall in the supplemental budget.

Here are a few things you need to know about the budget process.

How does the budget work?

Washington operates on a biennium, and in last year's legislative session, lawmakers passed a $77.8 billion 2025-2027 budget.

That included cuts to state programs and rises in business taxes.

So in this year's short session, lawmakers have to pass what's called a supplemental budget.

That accounts for differences in revenue or spending since the budget passed last year.

The governor and each chamber propose budgets and a negotiation begins.

How big is the budget gap?

In December, the state projected a $2.3 billion shortfall in the 2025-2027 budget.

That's about 3.5% of the overall budget.

Before the session started, Gov.

Bob Ferguson introduced his supplemental budget proposal with $800 million in cuts.

FERGUSON: I'm mindful that for state agencies, you know, they they took a pretty big hit in the budget.

VO: They included to state childcare programs and public schools.

He also proposed redirecting about $560 million from the Climate Commitment Act, meant for projects that mitigate pollution toward family tax credits.

Additionally, he called for using $1 billion in the state's rainy day fund.

FERGUSON: That's not easy.

We're asking a lot of state agencies.

And I recognize that, you know, this proposed budget does not make their life any easier.

And that's an understatement.

VO: While the state recently released rosier projections than they did in December, lawmakers say it won't be enough.

What about this millionaires tax?

Would that solve it?

Not this year.

While it would collect $3.5 billion in its first year, those first collections wouldn't start until 2029.

That is, if it gets signed into law and survives expected future challenges in the courts and at the ballot box.

How is this playing out in the legislature?

This week, lawmakers in the Senate and House rolled out their budget proposals.

Democrats, who control both the House and the Senate, have been pushing for cuts to make up that gap.

They are also calling for drawing from the state's rainy day reserves, though not as much as Ferguson is.

ROBINSON: So the cost of just doing business as a state for policies that are already in place for funding our K-12 education system, for providing, state scholarships for people wanting to attend higher-ed, for providing childcare and early learning opportunities for our youngest Washingtonians and all of those, services that people depend on.

The costs continue to rise.

VO: Republicans say that Democrats proposed budget changes will hit rural communities the hardest, such as cuts to running start and childcare.

COUTURE: They chose the most harmful cuts to our kids in our rural schools and our property-poor schools.

So I think those are some of the biggest concerns we've had so far.

VO: They also criticized tapping other dedicated funds to balance the budget and say the taxpayers are tired of new taxes.

COUTURE: We are also doing a bunch of budget gimmicks like raiding, one time raids of dedicated funds to sweep them into the general fund.

These are the same budget gimmicks that got us into run-on multi-billion dollar deficits in the first place.

VO: What happens if they don't figure it out before the session ends?

The last day of the regular session is scheduled for March 12th.

The governor may call for a special session if lawmakers can't come to an agreement by that date.

This is Venice Buhain Cascade PBS.

I'm Paris Jackson.

Thank you for watching The Newsfeed, your destination for a nonprofit Northwest news.

Go to CascadePBS.org for more.