Minnesota lawmakers to consider if inflation should be accounted for in budget forecast
Inflation has been having a big impact on families across Minnesota and, on Monday, state lawmakers are debating whether or not it should be accounted for in the state’s multi-billion-dollar budget surplus.
Lawmakers met Monday and were presented with the latest economic forecast.
After that, the House Ways and Means Committee discussed the impact of inflation on the state budget as part of a proposed bill that would require inflation to be fully accounted for in the budget, because inflation is currently only considered for revenue projects.
The latest forecast showed a $17.6 billion surplus.
In a presentation to lawmakers, budget officials predicted a drop of more than $1.5 billion if the bill is passed, leaving more than $15 billion.
The bill’s author says this is something many Minnesotans are already doing in their own budgets.
However, state Republicans say this could lead to more spending down the road.
A vote from the committee is expected in the near future regarding the topic.