ST. PAUL – State officials issued a new economic forecast for Minnesota on Thursday, with a looming $1.5 billion shortfall through 2027 overshadowing a $3.715 billion surplus for the current biennium.
State Representative Jeff Backer, R-Browns Valley, reacted to the news with the following statement:
“Thursday’s news is proof again that Democrats’ reckless tax and spend agenda is driving Minnesota off of a fiscal cliff,” said Backer. “All of us are feeling the impacts of a 40% increase in government spending and nearly $10 billion in taxes increases. Minnesotans’ family budgets are hurting as a direct result of irresponsible budgeting from Democrats. Now, more than ever, we need to return commonsense and fiscal sanity to St. Paul.”
The state is fully funded for the current two-year cycle, meaning no additional state spending is necessary this session. The new bottom line will guide legislators through supplemental fiscal considerations the rest of the 2024 session.
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