ST. PAUL – State officials issued a new economic forecast for Minnesota Thursday, with a looming $1.5 billion shortfall through 2027 overshadowing a $3.715 billion surplus for the current biennium.
State Rep. Chris Swedzinski, R-Ghent, said the forecast figures clearly indicate a more balanced approach is needed in St. Paul.
“House Democrats somehow turned a $17.5 billion surplus into a shortfall and a wave of broken promises almost overnight,” Swedzinski said. “They said they supported fully eliminating taxes on Social Security and providing $2000 rebate checks for Minnesotans, then turned around and instead went on a spending spree with a 40-percent increase to the state budget – increasing taxes by $10 billion in the process. This reckless approach is unaffordable, and we need more balance in St. Paul before our one-party control does any more damage to Minnesota.”
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.