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Hello from the State Capitol,
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Minnesota?s latest budget surplus projection contained positives and negatives.
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On Thursday, state lawmakers learned that Minnesota is projected to see a $3.7 billion budget surplus for the remainder of this budget cycle but will face a $1.5 billion budget deficit during our next budget cycle.
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Everything in the budget forecast came out better, which is surprising considering the massive spending that has been enacted by the legislative majority over the last two years. That said, there is little doubt that the future deficit projections are a direct result of their irresponsible spending.
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At this time last session, Minnesota had a nearly $20 billion budget surplus. By the time session ended in May, the Democrat majority spent every bit of that amount, raised taxes by an additional $10 billion, and ultimately crafted a budget that increased state spending by 40%.
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In addition to reckless spending, our one-party control has failed to live up to promises to fully eliminate the state tax on Social Security and provide $2,000 rebate checks. It?s clear we need more balance at the Capitol to prioritize Minnesotans and stabilize our state budget.
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The budget must be balanced by the time session ends, meaning the $3.7 billion surplus must be allocated in the weeks ahead.
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With a budget deficit on the horizon, we literally cannot afford to add more permanent spending in state government this session.
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Have a good weekend,
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Bjorn
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