New state budget deficit set at $1.2 billion
ST. PAUL -- Minnesota's state budget will be $1.2 billion in deficit if lawmakers and Gov. Tim Pawlenty don't take action, state leaders learned today.
And the state faces a $5.4 billion deficit in 2012 and 2013.
The current budget deficit is 3.7 percent of the state budget.
State Finance Commissioner Tom Hanson blamed a weak economy and said the recovery will be long.