That didn’t take long. The legislative logjam we talked about this morning has been broken.

The Oregon Senate this morning approved two bills – one to raise corporate taxes and another to raise income taxes. Both were carried on a party line vote, 18 yes (all Democrats), 11 no (all Republicans) and one Republican not voting due to absence. That was enough for the two-thirds majority required for tax increases by the state constitution.

Sen. Mark Hass (D-Beaverton) had objected to the permanent nature of the tax hikes and wanted them to sunset when the economy improves. That left Senate Democrats with a choice: either compromise with Hass, or start cutting programs and services to balance the budget. Here’s the compromise: the added revenues will be diverted to a rainy day fund after 2013. It was enough to secure Hass’s vote and passage of the tax increases.

Here’s the Democratic take on it. And here’s the Republican point of view. Now what’s yours?