House Democrats pushing for 'Rainy Day Fund'« Thread Started on Feb 22, 2007, 1:44am » --------------------------------------------------------------------------------House Democrats pushing for 'Rainy Day Fund'By Terry Dillman Of the News-Timesread at source> http://www.newportnewstimes.com/article ... s02.txtThe Oregon House Revenue Committee gave a boost to the effort by House Democrats to establish a "real and sustainable" Oregon Rainy Day Fund by sending House Bill 2707 through Monday with a "pass" recommendation.According to a news release from the House Majority Office, the committee vote fell along party lines, with the three Republican members opposing the bill and filing a notice of intent to issue a minority report, despite the readiness recently indicated by House Republicans to work with the Democrats to create some kind of rainy day fund. Leading business organizations - among them, the Oregon Council of the American Electronics Association, Associated Oregon Industries, Oregon Business Association, Oregon Business Council, Portland Business Alliance, and the Smart Growth Coalition - back the plan.HB 2707 would establish a Rainy Day Fund by directing the 2007-2009 corporate "kicker" plus one percent of the state's general fund balance into reserve. The aim is to provide stability in education, public safety, health care, and other essential services, and a hedge against any future economic downturn.