ST. PAUL, Minn. (AP) — Minnesota lawmakers hope to learn more about how the recent fiscal cliff deal that temporarily averted an economic crisis is shaping the economic picture closer to home.
The House Ways and Means Committee was getting an overview Monday from finance officials about the numbers behind the state’s $1.1 billion projected deficit. In the process, they were expecting an update on how the New Year’s Day deal in Washington alters the outlook here.
Definitive answers might be hard to come by.
Minnesota Management and Budget Commissioner Jim Schowalter has cautioned against reading too much into strong tax collections over the last two months. He says some corporations paid their taxes sooner than anticipated because they were betting on certain fiscal cliff outcomes. He says the uptick doesn’t spell a long-term trend.
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