Oregon lawmakers got some short term good news Wednesday: state revenues are predicted to be a little higher than previously thought. But the long-term outlook remains gloomy.
Oregon's revenue picture is $81 million brighter. That's thanks in part to a strengthening housing market. And it means lawmakers won't have to make any immediate budget cuts.
The state's overall outlook is fairly close to national trends. But long-term growth in Oregon remains slow, with weak global demand for Oregon goods.
State economist Mark McMullen unveiled his latest revenue predictions to a panel of lawmakers at the capitol.
"We're still in pretty good shape. We expect a little more revenue than we did three months ago," McMullen said. "However, over time, the slower growth forecast does more and more damage to the state budget."
McMullen says that will make it tougher for lawmakers returning to Salem next year to craft the next two year state spending plan. He says the biggest short-term threat to Oregon's budget would be any major stock market volatility.
Copyright 2012 Northwest News Network
On the Web:
Oregon revenue forecast: http://cms.oregon.gov/DAS/OEA/pages/economic.aspx#most_recent_