Last month the Legislative Fiscal Office released information outlining the current budget situation and the steps the Co-Chairs of the Joint Committee on Ways and Means are taking to balance the budget. This month the economic and revenue forecast will be released, giving a much clearer picture of how large the deficit is for the 09-11 budget. Until then, the Co-Chairs have estimated that the budget will be about $4.3 billion short.
In response, the Joint Committee has come up with three possible changes to the budget:
1. Make large reductions in spending.
2. Use some reserve funds, create new revenue, and cut spending.
3. Use all of the reserve funds and create more new revenue, but cut less spending.
The Committee has just finished travelling the state holding public hearings in order to give Oregonians a chance to sound off on these ideas. For more information, please visit www.Oregonbudget.gov
