Budget forecast unveiled today

It's a big day at the state Capitol with state budget officials set to release the November economic forecast today. That forecast will give lawmakers an idea of just how big of a budget problem they will face when they reconvene on Jan. 4.

The most recent budget forecast dating back to February projected  a $5.8 billion budget deficit. Early indications are that the budget situation has improved. Gov. Tim Pawlenty told reporters yesterday that he does not anticipate the state will need to do any short-term borrowing to pay its bills. That echoes what incoming Minnesota Management and Budget Commissioner Steve Sviggum told me earlier this week. Sviggum also said he did not expect any uanllotments would have to be made by the end of the year.

The forecast will be released at 12:15 p.m. Both Republican and DFL legislative leaders have scheduled news conferences to react to the budget news. The governor and Sviggum will hold a joint press conference at 2:30 p.m. to discuss the results.