Minnesota lawmakers are learning today that the big state budget deficit they have to erase in the coming months is even bigger than previously thought.
Sources who’ve seen the latest economic forecast told MPR News that the anticipated red ink is now $6.2 billion for the next two-year budget cycle. That’s up from $5.8 billion in the last forecast. They say the current two-year budget is running a $399 million surplus.
An official announcement is planned at 12:15 p.m.
Republicans, who will now control the state Legislature, have insisted they can balance the books through deep spending cuts and no tax increases. DFLers claim some revenue is needed.