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Pawlenty on state economy: 'I predict bad news'
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Gov. Tim Pawlenty is bracing for bad news when state finance officials release an economic forecast on Friday.
Pawlenty is predicting a hit to the state budget, but says he doesn't know how bad it will be. He says the ailing housing market, credit crunch and high oil prices make him pessimistic.
Many economists, including consultants used by the state, are anticipating a year of slow economic growth in 2008. That would bite into revenue the state is counting on to meet its budget obligations.
The twice-yearly forecasts combine spending projections and future revenue estimates to determine whether the state budget can be sustained.
Minnesota is six months into a two-year budget of roughly $34.5 billion. If a downturn occurs, there is money available that lawmakers didn't spend last session and still more in special reserve accounts.
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Current state office holders
Governor: Tim Pawlenty
One of only a few prominent Republicans to win a competitive re-election contest in the Democratic sweep of 2006, Tim Pawlenty is widely seen as politically shrewd and naturally likable.
- Lt. Governor: Carol Molnau
- Secretary of State: Mark Ritchie
- Attorney General: Lori Swanson
- State Auditor: Rebecca Otto
Minnesota's political giants: Learn more about the men and women who have shaped Minnesota's political history.
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