LANSING, Mich. (AP) — Michigan’s short-term budget outlook turned even more rosy on Friday, when economists revised projected tax revenues upward by a combined $5 billion over two years.
The new estimates will be used by Democratic Gov. Gretchen Whitmer and the Republican-led Legislature to finalize the state’s next spending plan. Both sides want to cut taxes but differ on how to go about it.
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School aid and general fund revenues for the current fiscal year are $3 billion higher than forecast in January. For the 2022-23 budget year, they are up $2 billion from the estimate four months ago.
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“At a time when we’re seeing some very good news today, I think we need to continue to maintain a certain sense of caution as we look at the medium and long term, as we’re dealing with some really unprecedented territory in this uncertain economy,” he said. State Treasurer Rachael Eubanks.
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