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State Representative Paul Thissen
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-5375
For more information contact: Michael Howard 651-296-8873
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Rep. Thissen statement on Economic Forecast
House Minority Leader Paul Thissen released the following the statement regarding the November Economic Forecast that was released today by the Office of Minnesota Management and Budget (MMB).
The forecast showed an $876 million surplus for the current budget cycle, but revealed a multi-billion dollar deficit for the coming budget. According to MMB, it would require $4.2 billion next cycle – not accounting for inflation – to balance the next budget while paying off the debt created by the budget passed by the Republican majority following the state shutdown.
“We’re all relieved by today’s news that – at least for now – we won’t be facing another budget deficit in the current biennium. But I think most Minnesotans understand that when you have some money in your savings account but you’ve maxed out your credit card, your savings account balance isn’t real. That’s exactly the situation we’re in today.
The number to focus on is $4.2 billion in debt that the Republicans have left us. That doesn’t include inflation or the hundreds of millions that the Republican budget pushed off onto property tax payers in this state.
I am surprised Republican leaders were patting themselves on the back for their budget that raised property taxes while racking up record debt.
The headline is this: The Republicans took the state to shutdown and did not even solve the problem. They only created problems for the budgets of families, small businesses, students and seniors.
Even with today’s good news, these facts remain: Republicans raised property taxes on families and small businesses by eliminating the homestead credit.
The Republicans borrowed billions from our schools with no plan for repayment, forcing them to take funds out of the classroom to borrow to cover their loss.
And for the first time ever, the Republicans allowed Minnesota to do Washington-style deficit spending, raiding our state’s future revenues by taking out tobacco bonds, which debt onto the state credit card for decades to come. They cannot deny their responsibility for that. The Republicans proposed it and voted for it and they passed it.
The only way to grow our economy for the long-term is to build a strong middle class – that is what the DFL stands for, fought for last session and will fight for again in 2012 and beyond."
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