WCCO EYE4 LOGO WCCO Radio wcco-eye-white01, ww color white


GOP Panel Backs Minn. Cash-Flow Borrowing

View Comments

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up
Today's Most Popular Video
  1. Why Is The Jury Taking So Long In Ventura Trial? Law Professor Weighs In
  2. Funeral Held For Gopher Legend McNamara
  3. QB Race On At Vikes' Training Camp
  4. WCCO Interview: Children's Defense Fund Study
  5. Human Cannonball Blows Minds At Canterbury

ST. PAUL, Minn. (AP) – A panel of Republican lawmakers has given Gov. Mark Dayton’s budget chief its stamp of approval for the state to borrow from a line of credit if necessary to meet cash flow needs in a shaky economy.

The Legislative Advisory Commission to Minnesota Management and Budget took the unanimous step Thursday at the request of agency chief Jim Showalter, who says he is hoping that short-term borrowing isn’t necessary but wants to be prepared if it is.

At the hearing, State Economist Tom Stinson says forecasts for growth in the state’s economy have dropped by more than half from February to September, which could bode poorly for a state budget forecast in November. At the same time, state tax collections are up in recent months.

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 This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus