State Economist Tom Stinson said Thursday predictions show Minnesota will be in recession through 2009. With him at a Capitol news conference is Finance Commissioner Tom Hanson. Photo by Scott Wente, St. Paul Capitol Bureau.
State faces historic $5.3 billion deficit
ST. PAUL - Minnesota faces an historic $5.3 billion budget deficit.
The deficit for the two-year budget that begins July 1 will be $4.9 billion, with the remaining $426 million coming out of the budget in the next seven months, state officials announced this morning.
Minnesota's two-year budget is $34 billion.
Most of the problem is from lower-than-expected revenue, State Finance Commissioner Tom Hanson said.
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