Oregon Public Broadcasting

Oregon's treasurer says the state has reached its bonding limit --  and shouldn't borrow any more money.

The state economist is forecasting that revenues for this biennium will be $1.3 billion less than expected. That spells deep cuts.

And state treasurer Ted Wheeler says it also means the state shouldn't borrow any more money.

Ted Wheeler: "We are very close to our currently identified debt capacity, which is 5 percent of our general fund. We don't want to go above that."

The analogy is that if you're making less money -- you shouldn't go out and get financing for a new car. And if you do, you're credit rating will suffer -- making it more expensive to borrow in the future.

Wheeler has recommended to the Debt Policy Advisory Committee that the state put the brakes on any new debt.

Projects in the pipeline include the removal of an obstruction at Bandon Airport; replacing an office building in Salem; and building a machine gun range in Boardman.