Inheriting a $16 billion budget shortfall was not the way I wanted to start as governor,” Bob Ferguson said Tuesday.

Washington state is preparing for significant tax increases after Governor Bob Ferguson approved a nearly $78 billion two-year budget that includes more than $9 billion in new taxes over four years. The move ends weeks of uncertainty and signals a major shift in state fiscal policy.

Washington Gov. Bob Ferguson entered office warning that a multibillion-dollar budget shortfall would require spending cuts and, as a last resort, higher taxes.