Oregon state economist Tom Potiowsky last week said the state’s economy is falling into “a pit” and dragging down revenues at an increasing rate.

The state will collect $855 million less in revenue for the current 2007-2009 biennium than projected when the $15.1 billion budget was approved, Potiowsky forecast. That’s $142 million worse than his December prediction of a $713 million gap.

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