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The state budget deficit if a federal budget meltdown occurs could approach $3 billion about $1 billion in deficit already is projected.
One glint of light amidst the gloom is that a large part of the federal automatic spending cuts would fall on the Defense Department.
If enacted by the Democratically controlled legislature, such an increase would bring in about $1 billion a biennium.
Because state general fund revenues are expected to exceed end of session projections by about $1 billion, the extra dollars by law will buy down the $2.4 billion K 12 funding shift by more than half, leaving about $1 billion outstanding.
The state's tax 1996 Nike Air Max Uptempo For Sale system was "broken" and needed to be reformed, Bakk said.
State income tax revenues could plummet by more than a $1 billion, sales and corporate taxes by at least $350 million and $250 million, respectively, it's estimated.
Dayton, who began a late afternoon press conference with a moment of silence to remember fallen Cold Spring Police Officer Thomas Decker, who was killed in the line of duty and whose funeral Dayton attended, was more direct.
Beyond this, a recession could see the state's current 5.8 percent unemployment rate rise to 7.1 percent in 2014, with personal income declining by more than four percent Nike Uptempo Reflective Gs
"That seems a little optimistic to me," Bakk said of the players in Washington arriving at a budget solution.
you can expect it will be very likely," Dayton said of a tax increase being included in his proposed state budget.
State officials took the unprecedented step of crafting two November state budget forecasts, the second and more dire showing the economic wallop of having the nation plunge off the federal fiscal cliff.
Potential impact to the state resulting from such a failure are stark.
And that would leave the state relatively unscathed because there are few defense contractors here, Stinson explained.
"I am not proposing to raise taxes on all Minnesotans," Dayton explained, holding aloft two fingers.
"Every time we have faced the deficit we have failed to take the longer view," said Thissen.
The state budget picture is as uncertain as he has ever seen it, Senate Majority Leader designate Tom Bakk, DFL Cook, said.
"This isn't a gloomy forecast," State Economist Tom Stinson said the November budget forecast shorn of fiscal cliff implications.
Revenue Commission Myron Frans had the best insights on the tax reform as he has been travelling the state, meeting with the public on the issue of taxation, Bakk said.
a tale of two state budget forecasts
"That's good for Minnesota," he said.
But ultimate gloom could be injected into the forecast by events in Washington, Stinson warned, should Democratic President Barack Obama and Congress fail to avoid the automatic spending cuts and tax increases of the federal Budget Control Act, penalties exacted by failing to achieve a federal budget agreement.
Raising taxes and tax reform, to him, were two different topics, argued Bakk.
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The budget normally is presented in mid January.
House Speaker designated Paul Thissen, DFL Minneapolis, indicated lawmakers would need to look at both spending cuts and possible tax increases in formulating the state budget.
"After a decade of under funding, Minnesota schools will certainly appreciate the $1.3 billion payback of the state's IOU, which is required by law," Education Minnesota President Tom Dooher said in a statement.
tough decisions and heavy lifting to do," Management and Budget Commissioner Jim Schowalter advises incoming freshmen lawmakers to the Minnesota Legislature.
He has been proposing to raise taxes on just the upper two percent of Minnesotans, Dayton explained.
The state's budget forecaster, Global Insight, foresees a recession beginning in early 2013 nationally if federal officials are unable to reach a budget settlement.
He deemed it "unlikely" that tax reform would include broadening the sales tax to include clothing.
But Bakk and Thissen in general avoided talking about possible tax increases.
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in 2015, state officials warn.
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