Coleman: Reckless spending and failed leadership have led to $6 billion budget deficit

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 Julia Coleman (R-Waconia) released the following statement on the forecast:

“The Walz administration and Democrats turned a multi-billion-dollar surplus into a deficit, leaving Minnesota taxpayers to foot the bill. Their reckless spending and failed leadership have led to a $6 billion budget shortfall—even after imposing $10 billion in tax hikes. Last November, Minnesotans demanded fiscal responsibility, but Democrats refused to listen. Now, hardworking families are paying the price for their failure with a Democrat deficit.”

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 46th 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.