ST. PAUL, Minn. (AP) -- Minnesota budget officials say the state's economy would be hit hard if President Obama and Congress can't strike a federal debt deal to avoid the so-called fiscal cliff.
The warnings from officials at Minnesota Management and Budget came Wednesday as they announced their economic forecast. The agency says Gov. Mark Dayton and state lawmakers face a projected $1.1 billion budget deficit next year, the smallest in some time.
But State Economist Tom Stinson says that would get considerably worse under a fiscal cliff scenario in which federal spending cuts and higher income taxes take effect. He predicts the state would shed 115,000 jobs in 2013-14, and personal income would drop more than 4 percent by 2015. He also says state tax revenue would drop by hundreds of millions of dollars.
Recipe for Cajun Rib-eye, Cheddar Potato Cakes & Corn on Cobb with Voodoo Butter Ingredients for four people 4-Ribeyes (any Steak Works) ½ cup Cajun Seasoning ( Recipe Follows) 1 Cup Voodoo ButterMore >>
Recipe for "Little Bit of Cajun" ... from Wildwood Sports Bar & GrillMore >>
Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Lynn Jacobs at (507) 280-5104. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at email@example.com.