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Saturday special session? Leaders in Minnesota Legislature hope to avoid layoff notices to thousands of state workers

Saturday special session? Leaders in Minnesota Legislature hope to avoid layoff notices to thousands of state workers

CBS News05-06-2025

Minnesota legislative leaders and Gov. Tim Walz hope there will be a special session of the Legislature this weekend before layoff notices will be sent to nearly 30,000 state workers on Monday.
They had pushed for mid-week, but by Wednesday they said negotiators still hadn't buttoned up outstanding issues, causing further delays. Walz will call a special session when the bills are complete, drafted and ready for passage. Leaders and key lawmakers have been working on the remaining parts of the budget for weeks, largely out of public view.
DFL Speaker Emerita Melissa Hortman said Wednesday they are "urgently" trying to finish by the weekend to avoid sending state employees that dreaded message. But other self-imposed deadlines have come and gone since the regular session ended May 19 and lawmakers began their behind-the-scenes work to finish everything up.
"We are making progress. It is as slow as molasses, but molasses is good, and we are going to get done. I cross my fingers," said Senate Majority Leader Erin Murphy, DFL-Saint Paul.
This is the most closely divided Legislature in Minnesota history, which makes the process uniquely delicate and difficult to get everything done. It's unclearif there are even the votes to pass some parts of the carefully crafted agreement they made in late May.
"We're at a point right now where, quite candidly, and the legislators know this—I'm not even saying as a pejorative—every single legislator is potentially a veto over the whole deal to get some of this done," Walz said.
Among the sticking points are how they will pass a rollback of state health coverage for undocumented immigrants—a compromise reached by GOP and DFL leaders. There is also some contention with a transportation funding package and provisions in a tax bill.
Many DFL lawmakers deeply oppose the cuts to MinnesotaCare for adults who are living in the country illegally. Murphy has said it needs to be a stand-alone bill to ensure passage, an acknowledgment of the many likely defectors she will have in her caucus, which only has a one-seat majority in the chamber. Republicans will need to support it.
House Speaker Lisa Demuth, R-Cold Spring, said for a stand-alone bill to happen, her caucus needs language in the legislation to ensure it won't be vetoed. Republicans, she said, want that assurance, even though Walz signed the agreement with leaders that included the change.
"Some of the things that we're looking at is if that would be broken out into a separate bill, there would have to be a guaranteed contingency—say, funding for MDH, or whatever that might look like—that would be a guarantee that that bill would both be passed and enacted," she said.
If lawmakers do not finish by the weekend, the layoff notices will be sent Monday morning, Walz said. Failure to pass the rest of the budget by June 30 will trigger a partial government shutdown on July 1, the start of the next fiscal year.
The governor told reporters he doesn't think that will happen, but nevertheless Minnesota Management and Budget—which oversees the state's finances and payroll and HR operations for state workers—is following protocols to prepare for that possibility.
Some state services, agencies and programs would remain operational in that scenario because the Legislature did approve some budget bills before session ended last month, like spending plans for the judiciary and state government offices like the secretary of state and attorney general.

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Guide to dollar-cost averaging: Use this strategy to build wealth over time
Guide to dollar-cost averaging: Use this strategy to build wealth over time

Yahoo

time22 minutes ago

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Guide to dollar-cost averaging: Use this strategy to build wealth over time

Dollar-cost averaging is a popular investing strategy that entails buying new investments at regular intervals, such as once a month. If you have a 401(k), you're already dollar-cost averaging with every paycheck. But you can also use the practice in a typical brokerage account, individual retirement account (IRA) or any other type of investing account. You can implement the strategy manually or set your brokerage account to automatically invest at regular intervals. Dollar-cost averaging is one of the easiest techniques to boost your returns without taking on extra risk, and it's a great way to practice buy-and-hold investing. Dollar-cost averaging can be especially beneficial for people who want to set up their investments and deal with them infrequently. Here's what dollar-cost averaging is and how to use it to maximize your investment gains. Dollar-cost averaging is the practice of putting a fixed amount of money into an investment on a regular basis, such as monthly or even bi-weekly. Over time, the strategy allows you to spread out when you buy — which means you'll do so at market lows and highs — averaging your purchase prices. Because you're always investing the same amount of money, when prices are lower, you'll buy more shares, and when they're higher, you'll buy fewer shares. It's the opposite of timing the market, which entails trying to predict in which direction prices are headed next risking losses if stock prices fall. By setting up a regular buying plan when the markets (and you) are calm, you'll avoid this psychological bias and take advantage of falling stock prices when everyone else becomes scared. If you have a 401(k) retirement account, you're already practicing dollar-cost averaging, by adding to your investments with each paycheck. You're also already using the strategy if you reinvest your dividends, since those payouts are invested back into the market at regular intervals, likely each quarter. Imagine an employee who earns $3,000 each month and contributes 10 percent of that to their 401(k) plan, choosing to invest in an S&P 500 index fund. Because the price of the fund moves around, the number of shares purchased isn't always the same, but each month $300 is invested. The table below shows this example over a 10-month period. Month Contribution Price of fund Shares bought Shares held Total value 1 $300.00 $100.00 3 3 $300.00 2 $300.00 $97.50 3.08 6.08 $592.80 3 $300.00 $101.30 2.96 9.04 $915.75 4 $300.00 $85.45 3.51 12.55 $1,072.40 5 $300.00 $91.23 3.29 15.84 $1,445.08 6 $300.00 $93.20 3.22 19.06 $1,776.39 7 $300.00 $96.50 3.11 22.17 $2,139.41 8 $300.00 $100.54 2.98 25.15 $2,528.58 9 $300.00 $101.43 2.96 28.11 $2,851.20 10 $300.00 $105.00 2.86 30.97 $3,251.85 You can see that the value of the employee's investments went up 8.4 percent on their $3,000 in total contributions, despite the fund only increasing 5 percent over the period. That's because the employee was able to buy a greater number of shares when the price was lower, taking advantage of the market volatility. MORE: Bankrate's list of the best online brokers It can depend on your specific situation, but dollar-cost averaging has been a successful way for many people to invest over time. The question is about whether you should time your purchases based on market conditions or just buy consistently over time using the dollar-cost averaging method. Timing the market has proven to be very difficult and most people are better off with a consistent investment plan. Another issue is that most people are investing money as they earn it, likely through a workplace retirement plan such as a 401(k). Dollar-cost averaging makes sense here because you're investing what you can as soon as it's available to be invested. However, if you inherited a large sum of money, say $100,000, you wouldn't want to spread that out to be invested over years. In that scenario, it's best to get it invested relatively quickly, but you could still spread out purchases over a few months to take advantage of potential volatility. Dollar-cost averaging can make sense for a lot of investors, but it does come with some downsides: Waiting to buy can mean missing opportunities. In a market that generally rises over time, you'll likely be better off being fully invested as soon as possible. But because most people are saving and investing as they earn money, dollar-cost averaging is the next best option. Your investment choices determine performance. If you're dollar-cost averaging into a poor investment, the strategy in which you bought in (dollar-cost averaging) won't be able to boost your investment's performance. The approach works best with broad-based funds such as an S&P 500 index fund, which has performed well over long time periods. There are two ways that you can set up dollar-cost averaging for your account: manually and automatically. If you opt for the manual route, you'll just pick a regular date (monthly, bi-weekly, etc.) and then go to your broker, buy the stock or fund and then you're done until the next date. If you opt to go the automatic route, it requires a little more time upfront, but it's much easier later on. Plus, it will be easier to continue buying when the market declines, since you don't have to act. While setting up your automatic buying may seem like a chore, it's actually easy. Almost any broker can set up an automatic buying plan, so use Bankrate's reviews of the major players to find brokers that provide other features such as great customer service and educational tools. Here are the steps to make dollar-cost averaging fully automatic. First, you'll want to determine what you're buying. Do you want to buy stock? Or will you go with an exchange-traded fund (ETF) or mutual fund? If you opt to buy an individual stock, it's more likely to fluctuate significantly than a fund is. But it may be difficult to find a brokerage that allows you to buy stocks on autopilot. If you buy a fund, it should fluctuate less than an individual stock and it's also more diversified, so your portfolio likely won't drop as much if any single stock in the fund declines a lot as it would if you only invested in that stock. Less-experienced investors usually opt for a fund, and some of the most diversified funds are based on the Standard & Poor's 500 index. This index includes hundreds of companies across all major industries, and it's the standard for a diversified portfolio of companies. If you want to buy an S&P index fund, here are some of the top choices. In either case, you'll need to note the ticker symbol for the security; that's the short-hand code for the stock or fund. So, you've made your choice of investment. Now see if your broker will allow you to set up an automatic purchase plan for that investment. If so, then you're ready to move on to the next step. However, some brokers allow you to set up an automatic plan only with mutual funds. In that case, you might consider opening another brokerage account that allows you to do exactly what you want. There are other solid advantages to having multiple brokerage accounts, too, and you can usually get a lot of value by having multiple accounts. Now that you've got a broker who can execute your automatic trading plan, it's time to figure out how much you can regularly invest. With any kind of stock or fund, you want to be able to leave your money in the investment for at least three to five years. Since stocks can fluctuate a lot over short periods, try to allow the investment some time to grow and get over any short-term declines in price. That means you'll need to be able to live only on your uninvested money during that time. So starting with your monthly budget, figure how much you can devote to investing. Once you have an emergency fund in place, how much can you invest and not need? Even if it's not a lot at first, the most important point is to begin investing regularly. Dollar-cost averaging is now cheaper than ever, since all major brokers now charge no commissions on stock and ETF trades and the best brokers for mutual funds allow you to skip the fees for thousands of mutual funds. That means you really can start with any amount of money and begin building your nest egg. You can set up the automatic trading plan at your broker using the ticker symbol for the stock or fund, how much you want to purchase on a regular basis and how often you want the trade to execute. The exact process for setting this up varies by broker, but these are the basics that you'll need in any case. If you have further questions, your broker can help. And if your stock or fund pays dividends, it can be a good time to set up automatic dividend reinvestment with your broker. Any cash dividend will be used to purchase new shares, and you can often even buy fractional shares — putting the whole value of the dividend to work, rather than having it sit for a long time in cash earning little or next to nothing. So even as soon as the next dividend, your dividend will be earning dividends. MORE: Bankrate's list of the best robo-advisors Dollar-cost averaging is a simple way to help reduce your risk and increase your returns, and it takes advantage of a volatile stock market. If you set up your brokerage account to buy stocks or funds automatically and regularly, then you can sit back and do the things you love, rather than spend your time investing. In investing, you can often get better results with less effort. Note: Bankrate's Brian Baker and Mallika Mitra contributed to an update of this article. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Trump Threatens Iran With 'Many' More Bombings After U.S. Attack
Trump Threatens Iran With 'Many' More Bombings After U.S. Attack

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Trump Threatens Iran With 'Many' More Bombings After U.S. Attack

WASHINGTON, June 21 (Reuters) - U.S. forces struck three Iranian nuclear sites in a 'very successful attack,' President Donald Trump said on Saturday, adding that Tehran's nuclear program had been obliterated. After days of deliberation and long before his self-imposed two-week deadline, Trump's decision to join Israel's military campaign against its major rival Iran represents a major escalation of the conflict. 'The strikes were a spectacular military success,' Trump said in a televised Oval Office address. 'Iran's key nuclear enrichment facilities have been completely and totally obliterated.' In a speech that lasted just over three minutes, Trump said Iran's future held 'either peace or tragedy,' and that there were many other targets that could be hit by the U.S. military. 'If peace does not come quickly, we will go after those other targets with precision, speed and skill.' The U.S. reached out to Iran diplomatically on Saturday to say the strikes are all the U.S. plans and it does not aim for regime change, CBS News reported. Trump said U.S. forces struck Iran's three principal nuclear sites: Natanz, Isfahan and Fordow. He told Fox News six bunker-buster bombs were dropped on Fordow, while 30 Tomahawk missiles were fired against other nuclear sites. U.S. B-2 bombers were involved in the strikes, a U.S. official told Reuters, speaking on condition of anonymity. 'A full payload of BOMBS was dropped on the primary site, Fordow,' Trump posted. 'Fordow is gone.' 'IRAN MUST NOW AGREE TO END THIS WAR,' he added. Reuters had reported earlier on Saturday the movement of the B-2 bombers, which can be equipped to carry massive bombs that experts say would be needed to strike Fordow, which is buried under a mountain south of Tehran. An Iranian official, cited by Tasnim news agency, confirmed that part of the Fordow site was attacked by 'enemy airstrikes.' Israeli Prime Minister Benjamin Netanyahu congratulated Trump on his 'bold decision' which he said will change history. 'History will record that President Trump acted to deny the world's most dangerous regime, the world's most dangerous weapons,' Netanyahu said. The strikes came as Israel and Iran have been engaged in more than a week of aerial combat that has resulted in deaths and injuries in both countries. Israel launched the attacks on Iran saying that it wanted to remove any chance of Tehran developing nuclear weapons. Iran says its nuclear program is for peaceful purposes only. Diplomatic efforts by Western nations to stop the hostilities have been unsuccessful. In recent days, Democratic lawmakers and some Republicans have argued that Trump must receive permission from the U.S. Congress before committing the U.S. military to any combat against Iran. Republican Senate Armed Services Committee Chairman Roger Wicker of Mississippi applauded the operation but cautioned that the U.S. now faced 'very serious choices ahead.' Senate Foreign Relations Committee Chairman Jim Risch, a Republican, said that despite the heavy U.S. bombings over Iran, 'This war is Israel's war, not our war.' He added, 'There will not be American boots on the ground in Iran.' One Republican lawmaker, Representative Thomas Massie of Kentucky, simply said, 'This is not constitutional.' Democratic Senator Tim Kaine of Virginia said the U.S. public 'is overwhelmingly opposed to the U.S. waging war on Iran' and accused Trump of displaying 'horrible judgment.' Israel launched attacks on June 13, saying Iran was on the verge of developing nuclear weapons. Israel is widely assumed to possess nuclear weapons, which it neither confirms nor denies. At least 430 people have been killed and 3,500 injured in Iran since Israel began its attacks, Iranian state-run Nour News said, citing the health ministry. In Israel, 24 civilians have been killed by Iranian missile attacks, according to local authorities, in the worst conflict between the longtime enemies. More than 450 Iranian missiles have been fired towards Israel, according to the Israeli prime minister's office. Israeli officials said 1,272 people have been injured since the beginning of the hostilities, with 14 in serious condition.

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