Saint Paul, Minn. – Today Minnesota Management and Budget (MMB) released a new economic forecast. According to MMB, Minnesota has a $17.5 billion budget balance projected for the next biennium, mostly leftover from the current biennium. As a result of a recent change in law, this new forecast takes inflationary costs into account. Speaker Melissa Hortman and House Majority Leader Jamie Long issued the following statements.
Speaker Melissa Hortman:
“Our projected budget surplus means that our state is in a strong position to take decisive action to solve big challenges. House DFLers remain focused on the issues Minnesotans across the state value and care about: investing in public education, making health care more affordable, and building an economy that works better for everyone,” said Speaker Melissa Hortman. “Minnesota is a great state, but it can be even better, and our state’s prosperity can and should reach more people. Democrats want to set our state up for success both in the short term and long into the future.”
House Majority Leader Jamie Long:
“Republican plans to cut the ultra-wealthy’s taxes at the expense of investing in children and families would harm our state’s future,” said House Majority Leader Jamie Long. “Democrats plan to deliver for Minnesotans to help them afford their lives. As we write a new budget, we will prioritize the people and places that need help most.”
The House Ways and Means Committee is scheduled to hold a public hearing about the new economic forecast Wednesday, March 1 at 8:30am.