2010-02-25 Legislative Update, February 25, 2010 The past week witnessed a flurry of activity in the Legislature, especially on the government borrowing bill. This past Monday the legislature approved $1 billion in new borrowing. This was done before any attempt was made to balance our $1.2 billion budget deficit. Not only was this bill too expensive, but it was also misguided. The bill provided $2 million for the Minneapolis Sculpture Garden, yet nothing for local roads. It borrowed millions for civic centers, yet left out funds to house serious sex offenders. At a time when we should be focusing on needs, the debt bill was full of wants. Minnesotans deserve better. The Governor promised a veto of the bill. Before he could veto it however, the majority party opted to rework the bill instead. This gives the legislature and the Governor the chance to work on an agreeable solution. Any bonding bill must focus on infrastructure and asset preservation. These were the projects the Governor’s bonding recommendations focused on. Unnecessary projects are exactly as they sound, and should not be funded using the state’s credit card when there is a budget deficit. Most importantly, a bonding bill cannot be viewed as the solution for Minnesota’s ailing economy. The reality is that instead of borrowing, we must focus on balancing the budget and jumpstarting the private market. Renewed fiscal responsibility will relieve the uncertainty causing many businesses and investors to hold back on expansion. Pro-growth policies including investment incentives, research credits and tax relief will promote free enterprise and help job providers. These are the reforms we need for long-term, quality job growth and economic opportunity. The rest of this legislative session must be about priorities. Quality job growth, a balanced budget and a reformed safety net can all be a part of this session’s accomplishments. The issues facing the Legislature may present a challenge, but they give us the opportunity and the responsibility to deliver the results Minnesotans want and deserve.
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