(St. Paul, MN) — Lawmakers will find out Tuesday whether Minnesota’s projected 12-billion-dollar state budget surplus will hold up under a cooling economy. Experts at the Minnesota Budget Project says the seven-billion-dollar surplus in the current two-year budget cycle is fairly sure, but much less certain is the predicted five-billion-dollar surplus for the following two years. A mild recession is expected through the middle of next year, which might eat into the surplus if tax collections drop and spending on safety-net programs increases. Governor Tim Walz says he’ll continue pushing for tax rebates — a “no go” last session because Republicans wanted permanent tax cuts, but maybe easier in 2023 when Democrats control both the Minnesota House and Senate.
Latest Minnesota Budget Forecast Released Tuesday
By Ashley Hanley|2022-12-05T05:53:40-06:00December 5th, 2022|