Spoil sport! The Oregon Treasurer (a Democrat) is taking away the Legislature's credit card because Oregon has exceeded its debt ratio secured by general fund revenues. Translation: Oregon's constitution requires a balanced budget and we can't handle the debt service with current tax revenues. It will be interesting to watch our elected representatives squirm as they try to balance the next budget without the magic of the credit card to cover the deficit. Government can't be all things to all people and stay solvent. Expect some real blood-letting when things get cut that never should have been added to the budget in the first place. Our governors and legislators have flown the state into the ground and now there is a big hole to crawl out of.
www.oregonlive.com/business/index.ssf/2010/09/oregons_treasurer_calls_for_ha.html
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