On Wednesday, December 4, Minnesota Management and Budget (MMB) released its annual November revenue forecast, providing information and an outlook for the state’s financial picture. Despite Democrat tax and fee increases of $10 billion, the latest forecast shows a meager $616 million surplus at the end of 2026 and a massive $5.1 billion deficit by 2029. These 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.
“In the last ten years, under the Democratic leadership of Dayton and Walz, government spending has increased by over 82%,” Senator Cal Bahr (R-East Bethel) said. “Did your income increase by 82%? It’s time for a reality check.”
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.