The revenue forecast presents a choice for state leaders: Cut spending or effectively raise taxes.

Facing major uncertainty over federal policies, Oregon lawmakers set aside nearly $500 million when they passed a budget in June.

It was money meant to offer stability amid economic turbulence. Now it might be as good as gone, after congressional Republicans passed a massive tax cut and spending bill last month.

Without legislative action — likely during the one-month session early next year — Oregon’s $473 million cushion could become a $373 million hole in the freshly passed budget.

President Donald Trump’s so-called One Big Beautiful Bill is expected to slash money flowing into the state’s general fund by more than $888 million during the current two-year budget, state economists told

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