By Mike Munzenrider
A revised budget forecast has reduced Minnesota's expected budget deficit to $5 billion.
Tom Stinson, Minnesota's state economist, said that the state is expecting to collect an additional $1.160 billion than originally planned, reports Minnpost.
Stinson credits the tax compromise brokered by House Republicans and President Obama last year for most of the increase in revenue, according Minnpost.
Upon hearing the news, Gov. Mark Dayton revised his budget proposal to remove a tax surcharge on the wealthy that would have given Minnesota the highest income tax rates in the country, reports The Minnesota Daily.
The revised deficit was calculated without taking into account the rising cost of oil, which could reverse the positive gains against the deficit, reports Minnpost.