Budget

It look longer than at UT but severe budget cuts are on the horizon for PSU too. Since Oregon doesn't have any sales tax, it relies exclusively on the state income tax for revenue, which is down significantly because of the high unemployment rate in the state (9.0% in December, that's 1.8% above the national average). So the school year will be shortened, there's a proposed 1,900% increase in the state's tax on beer and service cuts for public transportation...
We don't have any concrete information yet, but the central administration is discussing several options, including exigency (the higher ed equivalent of bankruptcy). Exigency would allow for major restructuring, including the elimination of programs and therefore faculty positions. Another possibility under exigency is to reduce all tenure-track faculty from full-time to 95% (furlough). Some people favor the furlough option because it seems less permanent than increasing the teaching load for example. But I'm wondering if/how this will be reflected in expectations for tenure/promotion. Will I have to do 5% less in terms of research etc.?