Washington revenue forecast drops $1.4 billion

OLYMPIA, Wash. – Washington's latest revenue forecast predicts a $1.4 billion drop in tax collections through June of 2013.

The state's chief economist Arun Raha said today that "fear and uncertainty" have "overwhelmed consumer and business behavior."

The gloomy forecast could intensify calls for a special session in Olympia or lead to a new round of across the board cuts by the governor.