NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |Washington's Budget Shortfall is Shrinking

Olympia, Wash. - There appears to be a faint light at the end of the tunnel when it comes to Washington's economy.

The state's budget shortfall is now down to about $500 million. Earlier this year, the state legislature was looking at a roughly $1 billion shortfall.

The state's Economic and Revenue Forecast Council released its revised outlook on Thursday. It shows about $96 million in extra revenue. It also shows about $340 million in expected savings because fewer people are relying on state services.