Minnesota Management and Budget (MMB) recently released the November budget forecast outlining the state’s financial picture. The forecast shows new taxes and fee increases lead to a $616 million surplus at the end of 2026 and a projected $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.

“This forecast highlights the consequences of the Democrats’ unsustainable and out-of-control spending. It’s time to get to work and find solutions to get this spending under control,” said Senator Andrew Lang (R-Olivia). “Minnesotans cannot afford to be left holding the bill to support Democrats’ spending habits, especially given the fact Minnesota is one of the top 10 states with the highest tax burdens in the country.”

Democrat administrations have grown Minnesota government 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, making life more expensive for Minnesotans.

Click here to read the full MMB November Budget and Economic Forecast.