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Why Minnesota is projected to face a future budget deficit, and what lawmakers might do about it

Minnesota is projected to face a significant budget deficit in the coming years, primarily due to the depletion of one-time federal aid received during the economic recovery from the global health crisis, alongside rising costs in health care and education sectors. The state's budget, which was balanced with a surplus in recent years, is now expected to see a shortfall of approximately $2.3 billion by 2027. This situation has prompted discussions among lawmakers on potential solutions, including revisiting spending commitments, possibly increasing taxes, or finding new revenue streams. Governor Tim Walz and legislative leaders are considering adjustments to the current budget to mitigate the impact of the deficit, focusing on maintaining funding for essential services while exploring economic growth strategies to bolster state revenues.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/politics/government/why-minnesota-is-projected-to-face-a-future-budget-deficit-and-what-lawmakers-might-do-about-it/ar-AA1vrNc1 ]