On Thursday, March 6, Minnesota Management and Budget (MMB) released its annual February revenue forecast providing information and an outlook for the state’s financial picture. The latest forecast shows Democrat tax increases lead to a meager $456 million surplus at the end of 2026 and a massive $6 billion deficit by 2029. The forecast numbers do not account for any new spending, meaning that new spending bills passed this legislative session will further increase the deficit down the line.

Senator Andrew Lang (R-Olivia) issued the following statement:

“Minnesota’s $6 billion budget shortfall is the product of an almost 40 percent increase in spending and failed leadership from the Walz administration and Democrat controlled senate and house. They spent every cent of an $18 billion surplus along with a steep spending increase, driving the state deep into debt while hitting taxpayers with $10 billion in new taxes and fees. Minnesotans sent a clear message last November: stop the wasteful spending. But Democrats refused to listen, and now hardworking families are left to pay for their fiscal irresponsibility.”

Under Democrat administrations, Minnesota’s government budget has nearly doubled from a $39 billion general fund budget in 2014 to $71 billion in 2024. Democrats have also raised taxes by $10 billion, making life more expensive for Minnesotans. The state now has some of the highest individual taxes and the 46^th worst state and local tax burden in the nation.

The February forecast will serve as a guide for the Minnesota Legislature in creating the upcoming two-year budget before the constitutionally mandated session deadline on May 19, 2025. Click here to read the full MMB November Budget and Economic Forecast.