Oregon lawmakers brace for weak tax forecast
Sunday, November 13, 2011
SALEM, Ore. (AP) -- Oregon lawmakers are bracing for bad news Thursday when the next quarterly economic forecast is released.
The state Senate budget co-chairman, Sen. Richard Devlin of Tualatin, told the Statesman Journal (http://stjr.nl/rJ036j ) he expects the forecast will be down.
With smaller tax collections, state spending could wipe out what's left of a $310 million reserve that was created by lawmakers before they adjourned in June. The reserve was already reduced by $200 million by the economic forecast in August.
It means the Legislature will likely be facing spending cuts when the session starts Feb. 1. The budget that started in July called for spending about $14 billion in the two-year cycle.
Information from: Statesman Journal, http://www.statesmanjournal.com