This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Minn. Officials Have Few Details On Spending Cuts


ST. PAUL, Minn. (AP) â¿¿ The deadline for a deal to avert $85 billion in government-wide spending cuts is just days away, but Minnesota officials are still playing a guessing game for where and when federal funding would be slashed in the state.

Without clear answers from Washington, D.C., some state agencies have cobbled together a rough picture of how the automatic cuts may affect Minnesotans. Others, like the Minnesota Pollution Control Agency, say they're at a loss.

The White House released summaries this week detailing the impact the cuts would have on Minnesota and other states, and President Barack Obama has been making the rounds to highlight them. Republicans have accused the president of political grandstanding rather than staying in Washington to work out a deal with Congress.

The state's budget office projects the across-the-board cuts would increase the state's unemployment rate by 0.2 percent and curb job growth by as many as 5,000 jobs.

But the nation's Office of Management and Budget and the federal agencies that dole out funding are short on details, state officials have said.

"It's hugely frustrating," said Lyle Mueller, finance director for the Minnesota Pollution Control Agency.

MPCA receives grants from the Environmental Protection Agency, but Mueller said he hasn't been able to confirm which of them may not be coming.

One of the biggest remaining questions state agencies have is when those cuts will take place.

"That's part of the difficulty of figuring out the impact," Tony Orr of the Minnesota Housing Finance Authority told a House committee Wednesday. "We don't have any specifics at this point."

Minnesota receives among the lowest proportion of funds in the nation from the federal government, but the cuts will likely spread to many different agencies and services. Minnesota Management and Budget is meeting with several state agencies Friday â¿¿ the day cuts start to kick in â¿¿ to try to help find some answers.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs