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December State Revenue Forecast: no significant change, $1.7 billion budget deficit still looms for 2017-19

The December Oregon Economic and Revenue Forecast, released this morning, continues to be “stable,” State Economist Mark McMullen told the House and Senate Interim Committees on Revenue this morning.

With only minor adjustments to anticipated revenues in the 2015-17 and 2017-19, Oregon continues to face a projected budget shortfall of as much as $1.7 billion (including the impacts of Measure 98) in the next biennium.

Governor Brown issued a news release that acknowledged “there will be some very tough budget choices to make” and that the 2017-19 budget she proposes on December 1 will “include a level of programs cuts I find unacceptable.”  The governor also reaffirmed her commitment to work with legislative leadership to seek additional revenue.