Local

Dayton Vetoes GOP Bill On Minn. School IOUs

View Comments

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up
Today's Most Popular Video
  1. Pet Of The Week: Stella, A Beagle-Corgi Mix
  2. 4 Things To Know For Oct. 31, 2014
  3. Sasquatch Gives Kim Johnson A Good Scare
  4. WCCO Viewers' Choice For Best Haunted Landmark In Minn.
  5. Rally At U Of Minnesota Asks For Redskins Name Change

ST. PAUL, Minn. (AP) — Democratic Gov. Mark Dayton has vetoed a Republican-crafted bill that would have repaid state IOUs to Minnesota public schools more quickly.

Dayton said on Thursday that the method of payment would have left the state in a precarious financial position. Republicans drew on newly replenished state budget reserves as their payment source.

The state owes schools more than $2 billion because it slowed down aid to them while dealing with a state-level budget crisis.

They are in line for $315 million in repayment this year because of a rosy economic forecast, but Republicans would have put another $430 million on top of that.

Dayton had threatened a veto. He says the bill would create a bigger budget problem down the road, including a likelihood of the state borrowing from banks.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 1,931 other followers