Minnesota economy would suffer if U.S. goes over 'fiscal cliff'

Lawmakers are headed back to Washington to continue a pre-election session this week. Without a deal on taxes and spending, a number of tax hikes and spending cuts will automatically kick in Jan 1. And officials say that would be bad for the Minnesota economy, MPR reports.
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Lawmakers are headed back to Washington to continue a pre-election session this week. Without a deal on taxes and spending, a number of tax hikes and spending cuts will automatically kick in Jan 1. And officials say that would be bad for the Minnesota economy, MPR reports.

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Minnesota lawmakers squabble over looming 'fiscal cliff'

It's only July, but Minnesota lawmakers in Congress are fretting over January – and not because of winter. Some observers say the nation's federal budget is headed for a "fiscal cliff." Without congressional action, on Jan. 1 Bush-era tax cuts are set to expire and $109 billion in automatic federal spending cuts will be set in motion. A partisan rift has split the state's lawmakers as they debate what Congress ought to do about it.

State of Minnesota is projecting a $1.3 billion budget surplus

Lawmakers will decide how to spend it in the next session.