The office of Minnesota Management and Budget (MMB) today released its annual November economic forecast. The report, which details the state’s budget picture, projects a surplus of $2.4 billion for the 2024-2025 budget cycle. However, Minnesota state spending is projected to grow faster than tax revenue, leading to a projected budget deficit of $2.31 billion in the 2026-2027 fiscal year.

Senator John Jasinski (R-Faribault) issued the following statement:

Many of us tried to warn Democrats of the reckless path they were charting by increasing government spending by 40%, failing to give back the surplus, and raising $10 billion in taxes. Their approach has taken a $19 billion surplus and turned it into a projected $2.31 billion deficit in the near future. Meanwhile, inflation continues to hammer family budgets. It is irresponsible governing, and working Minnesotans are going to be hit the hardest.