GOP leaders expecting good budget news Wednesday - Bring Me The News

GOP leaders expecting good budget news Wednesday

Minnesota's latest economic forecast will be released February 29. In December, the state had an $876 million surplus, but Management and Budget Commissioner Jim Schowalter told the Star Tribune "It’s going to be zero or a negative number because we have so many debts to repay that it is very, very unlikely that we will have a surplus.”
Author:
Updated:
Original:

Minnesota's latest economic forecast will be released February 29. In December, the state had an $876 million surplus, but Management and Budget Commissioner Jim Schowalter told the Star Tribune "It’s going to be zero or a negative number because we have so many debts to repay that it is very, very unlikely that we will have a surplus.”

Next Up

Related

State leaders scramble to respond to budget surprise

Forum Communications' Don Davis says Minnesota leaders were so shocked by the budget forecast that they didn't know how to respond. They planned, of course, to blame the other side for what they assumed would be another deficit. Now they're hastily rewriting their talking points. Both Dayton and legislative leaders say they'll allow the money to sit in the bank for now, which the law requires.

Senate GOP leaders release plan to phase out business property taxes

Republican leaders say the change would save Minnesota businesses $50 million the first year. That amount may well be added to the state budget deficit. The Senate GOP says the job creation would be worth it. DFL critics say there's no assurance that companies would used the money they save to create jobs.