$994M Red
Posted at 9:27 AM on March 2, 2010
by Tom Scheck
Filed under: Campaign 2010, Campaign 2010: Minnesota Governor, MN Legislature, Tim Pawlenty
Budget documents released by Minnesota Management Budget says the state is facing a $994 million budget deficit in the current budget cycle. That's an improvement of roughly $200 million from the November forecast.
The forecast will be officially released later this morning.
Governor Pawlenty and state lawmakers will have to raise revenue or cut spending to balance the state's budget. Pawlenty has said he opposes any tax increases. He released a budget plan that uses a mix of spending cuts, one-time money and federal money that hasn't been approved yet to balance the budget. Democrats were waiting for the forecast before they release their budget plan.
The budget picture isn't going to get easier in the future. The finance document says Minnesota is facing a $5.8 billion budget deficit in the next two year budget cycle.
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