Minn. Bond Rating Downgraded Over Budget Woes

ST. PAUL, Minn. (AP) — Minnesota is seeing its credit rating slip over budget problems that have led to the state’s week-old government shutdown.

The state finance agency, Minnesota Management and Budget, said Thursday that Fitch Rating downgraded the state’s bond rating a notch from AAA to AA+ because the state hasn’t addressed a structural deficit.

Management and Budget Commissioner Jim Schowalter says the state is slipping after years of temporary budget fixes.

He says the downgrade will increase the state’s borrowing costs and could make credit more expensive for cities, counties and schools.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

One Comment

  1. Anita Newgov says:

    Hooray for dayton!

    Heck of a job you’re doing!

  2. Carl says:

    Yeah but Minnesota’s richest get to keep their second and third homes.

    1. dan says:

      What does this have to do with people owning second and third homes. At least they are still paying the insurance, taxes and maintenacne vs the people who walked away from their obligations.

    2. Anita Newgov says:

      And why shouldn’t be allowed to keep their second or third or even fourth home?

      Just because they are more successful then you doesn’t mean you get to steal their money to make you less miserable.

  3. Carla says:

    And what does Gov Goofy propose????? A temporary tax hike on the rich! What a clown. Old Google eyes can take sole blame for this newest twist!

  4. Bill says:

    Shouldnt this be the shot over the bow our legislature needs. Make permanent budget cuts that are sustainable into the future.

  5. Dennis from Elk River says:

    EVERYONE HAS AN OPINION ON THIS. LETS RESOLVE THE BUDGET BY ADDRESSING BUDGET ISSUES ONLY. NO TAG ON’S!
    COMPROMISE!
    COMPROMISE!
    COMPROMISE!

    1. Paul says:

      The tag on’s didnt start until Dayton put his feet in the sand. No spending cuts!

      Compromise will not happen. The Liberals need Govt more than the GOP. The screams will be the loudest on the Democrat side which will eventually lead to Gov Google Eyes to fold and we can get back to work again.

      Mark my words this is how it wilkl unfold. Good Day

  6. Alfred says:

    Who would loan money to a state dumb enough to elect Dayton?

  7. Give me Liberty says:

    Here is an idea. Stop the temporary fixes and put in place a permanent fix. That means the State will have to spend less. Sorry, but that means some people will be impacted. Doesn’t mean conservatives don’t have empathy, just means we all need to live within our means.

    And the concern about the cost of borrowing going up, here’s a suggestion. Stop borrowing.

  8. Common sense says:

    LOL!

    So our credit card purchases are now going to cost us more in the future? Awe man, this because both sides can’t come to a compromise.

    Here’s a compromise out of the Old Testament; Split the baby in half, cut spending (beyond inflation), increase taxes on the wealthiest. There no one is will be happy, and find out who wants our state to truly succeed and prosper!

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