Oregon will see a two-year budget with a positive $472 million balance evaporate and turn into a $373 million deficit under the Trump administration’s tax and spending policies, economists told state lawmakers.

At the end of the Oregon legislative session in July, lawmakers set aside $472 million from the state’s general fund to help buffer against expected tax revenue losses in the next biennium caused by the Republican tax and spending cut law that President Donald Trump deemed the “One Big Beautiful Bill.”

That will cover just over half of the $888 million in revenue losses state economists expect that Oregon will endure in the next two years from the bill.

Oregon’s chief economist, Carl Riccadonna, and senior economist, Michael Kennedy, presented the news and the state’s quarterly e

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