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December Revenue Forecast Sparks Comment
Including a call for a special session

The Oregon Office of Economic Analysis has released it's December revenue forecast. They are predicting a speedy recovery, dependent on the course of the COVID-19 virus, prompting responses from several legislative leaders.

House Speaker Tina Kotek (D-Portland) used the forecast to call for a special session. “The COVID-19 pandemic is raging like never before in Oregon. Our economic recovery is fully dependent on getting this virus under control. As the state’s budget situation has stabilized and since Congress is unlikely to pass another relief package this year, I urge the Governor to declare a catastrophic disaster so the legislature can convene a remote special session in December.”

She also seems to be calling for the state to spend it's reserves to fund a temporary government housing program:

“We need to utilize some portion of the state’s reserves as soon as possible to help struggling Oregonians and small businesses through the winter months. I am particularly interested in seeing the state spend $100 million to keep Oregonians housed and stabilize the rental market as the pandemic continues into 2021.”

Senate Republican Leader Fred Girod (R-Lyons) had a different take, emphasizing that schools need to re-open. “Economists project the average income has dropped for households across Oregon. We would get a better outcome if we protected seniors and the vulnerable and opened the state, so the average family is able to thrive. For example, if schools reopen for all children, parents can re-enter the workforce, which boosts the economy.”

House Republican Leader Christine Drazan (R-Canby) added, “Today’s forecast shows that our state economy is stable, but this is not a reflection of reality for most Oregonians who have been impacted by these shutdowns. The most recent “freeze” will hurt Oregonians and business owners, and make an already tenuous recovery even harder for families. Now more than ever we must protect jobs, support business growth, manage our reserves and control spending to ensure a long-term recovery for all of Oregon.”

Senate Majority Leader Rob Wagner (D-Lake Oswego) stressed equity and a hope for federal assistance, saying, “We cannot deny the disparate impact COVID-19 and the corresponding recession has had on low income Oregonians and marginalized populations. We must prioritize their needs as we work toward recovery and do everything possible to retain vital services and equitable delivery of those services. Congress needs to put the needs of the American people at the top of their to do list immediately. With federal assistance, we can adequately respond to this public health emergency and deliver financial lifelines for Oregonians in every corner of our state.”

--Staff Reports

Post Date: 2020-11-18 09:58:11Last Update: 2020-11-18 11:34:55

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