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State Representative Tony Cornish
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-4240
For more information contact: Jason Wenisch 651-296-2317
NEWS RELEASE
REP. CORNISH: SLIGHT IMPROVEMENT FOUND IN LATEST STATE BUDGET FORECAST
ST. PAUL – State economists say the current state budget deficit is shrinking, but many long term fiscal problems remain.
According to the most recent budget projections, Minnesota now faces a $994 million shortfall, down from a $1.2 billion prediction in November.
“It’s a glimmer of hope,” said State Representative Tony Cornish (R-Good Thunder). “It’s always good news when $200 million is eliminated from a budget shortfall. But now we’ll soon see a food fight among all the special interests who will line up and try to secure some of that $200 million.”
Cornish said major fiscal problems are expected during the 2012-13 budget cycle, where economists are projecting a $5.8 billion deficit.
Because individual income tax rates are down $874 million thanks to unemployment and reduced hours and wages among many in Minnesota’s workforce, state spending is increasing two and a half times faster than incoming revenues can be collected.
“I think its clear lawmakers must keep spending close to the vest this session,” Cornish said. “Much of the growth in spending comes from health care, welfare and entitlements programs. It’s time state government listens to the will of the people by ending the bailouts and spending only what we can afford.”
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