The State of Minnesota will face a $5.2 billion budget deficit, which is 13.4 percent of the state’s overall budget, according to a Star Tribune report via “Capitol sources.” The news came about two hours before a press conference is scheduled at the Capitol where Gov. Tim Pawlenty is expected to discuss the projection. It will be held at 1 p.m. and Filed Under Politics will be there to confirm the number and get reaction from officials. State officials projected a $4.8 billion deficit for the next two years, which is 14 percent of the state’s total budget, according to the Star Tribune. This comes on top of an estimated $426 million gap for the current year, according to the report. How much will have to be cut and where that money will come from is still to be determined, but I’m hoping we will get a little speculation this afternoon. Stay tuned, we’ll have more after the press conference.