Resist temptation to spend windfall

The state House today delivers its proposed spending plan for the next few years. If House budget writers keep their wits, they will take $126 million in extra revenues from the March revenue forecast and send it to a savings account.

That's right, save it for a rainy day, though it doesn't necessarily have to be stored in the proposed official rainy-day account. It can be added to the ending fund balance, but it should not be spent.

A rosy economy producing higher-than-expected revenues stirs various constituent groups with very good causes to come calling.

But lawmakers should resist the temptation to spend this money. It belongs in savings, in part because of a projection of a $600 million shortfall over the next four and a half years.

Gov. Christine Gregoire's proposed budget spends enough on education and other useful items. She wisely supports sending this extra revenue available the next two-and-a-quarter years to the ending fund balance, which adds up to sound fiscal policy.

The newfound money, which came from the March projection by the state revenue forecaster, Chang Mook Sohn, should be protected to assuage concerns that the state is spending beyond its means.

Republicans worry about an economic slowdown when spending exceeds revenues. They have expressed legitimate concern that Democrats who control both houses of the Legislature will spend more than they really should.

That's the punch line. Send the $126 million extra to a savings account because it provides a measure of confidence and cold cash in case things turn sour.