On Wednesday, Dec. 4, Minnesota Management and Budget (MMB) released its annual November budget forecast, providing information and an outlook for the state’s financial picture. The latest forecast shows a meager $616 million surplus at the end of 2026 and a massive $5.1 billion deficit by 2029. The forecast numbers do not account for any new spending, meaning that new spending bills passed in the next legislative session will further increase the deficit down the line.
“Under one-party control, Democrats have raised taxes by $10 billion and increased our state budget to unprecedented and unsustainable levels,” Senator Jordan Rasmusson (R-Fergus Falls) said. “This fiscal mismanagement has put Minnesota on a course toward future budget shortfalls exceeding $5 billion. Minnesotans deserve better from their government, and we cannot afford to continue along this path of reckless spending.”
In the past decade, Minnesota’s government budget has nearly doubled from a $39 billion general fund budget in 2014 to $71 billion in 2024. The state now has some of the highest individual taxes and the 46th worst state and local tax burden in the nation.
Click here to read the full MMB November Budget and Economic Forecast.