2014 In Review // Local: News, Sports Nat'l: News, Sports, Entertainment, Talkers | Top 20 Most Read Stories 

Local

Minn. Collects More Taxes, Warns Of Fiscal Cliff

View Comments
(credit: CBS)

(credit: CBS)

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up
Today's Most Popular Video
  1. 1 Man Dies, Another Missing In Lake Superior
  2. Monticello Church Shares How Its Pay It Forward Challenge Went
  3. Nat'l Guardswoman Makes Difficult Choice To Leave Newborn For Kuwait
  4. 4 Things To Know For Dec. 24, 2014
  5. Consumer Reports Releases Annual Car Value Ranking

ST. PAUL, Minn. (AP) — Minnesota collected more taxes than expected in the latest quarter, a bright sign ahead of a comprehensive budget forecast due in early December.

But Minnesota Management and Budget officials warned Wednesday that another recession is likely if Congress can’t avoid deep spending cuts and tax increases at the start of 2013.

Their report says the state took in an extra $145 million from July through September, or 4 percent better than expected, as taxes on individual incomes, sales, corporate incomes and other items were all up.

Revenues for the current two-year budget period are now $444 million above expectations, but any surplus by law must go toward catching the state up on school aid checks.

The economic update doesn’t show whether the state is spending more or less than predicted.

(© 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 This material may not be published, broadcast, rewritten or redistributed.)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 2,545 other followers