Latest Minnesota Budget Forecast Released Tuesday

Published On: December 5th, 20220.6 min readCategories: Covid-19, Featured, Latest Headlines, Local News, News

(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.

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