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Connecticut's Budget Deficit is Growing

Is the state heading toward its own fiscal cliff?

 

Connecticut's budget deficit is increasing, taking a perilous plunge on Friday that is pushing it toward the $300 million mark, the Connecticut Mirror reports.

While the website questions whether the deficit will force Gov. Dannel P. Malloy to increase taxes - again - to cover continued budget shortfalls, Malloy last week said he would not hike state taxes, according to the Republican-American newspaper. 

The growing state budget deficit, the Mirror reports, is the result of revenue shortfalls that are greater than Malloy administration officials originally anticipated.

Officials in his administration blame the shortfalls on the overall weakness of the national economy. State Republican leaders, however, lay the blame on the weakening effect on the state's economy of the $1.5 million in new taxes the Malloy administration implemented in the last year.

Malloy will present his new budget plan to the General Assembly when it meets in early 2013.

Jack November 13, 2012 at 01:29 PM
So Connectiicut tax revenues are down? What a surprise! When you have one of the most business un-friendly climates in the US, implementation of the highest tax increases in state history, a governor who is only 1 of 4 to receive an F by the Cato Institute,ever worsening inner city crime rates and the looming unfunded state pension and government retiree liabilities, what would you expect?
Daria Novak November 13, 2012 at 03:37 PM
What's Your Advice? A Madison family who spends what they make each year is having serious financial problems. The breadwinner lost his job last year & there's no "rainy day savings." He had a high limit on his credit cards but spent to the limit even after he got down-sized. Now he's having trouble keeping up with the minimum monthly payments. He can get food from the state to feed his family & help with heating oil, free medical care from the state, and all sorts of other programs. These are necessary for those in real need, no question. But, on top of that last year he went to his creditors & increased his credit limit. They spent on what they wanted, not needed, & now need more help. They ignored reality until their mortgage banker called recently and said their note was due. They have no way to pay bills & have become dependent on government for "free" help with services that we taxpayers provide from our incomes. That my neighbors is the state of financial chaos in Mr. America's family. The USG & CT keep spending! The family's ficticious; the situation is not. As a nation we've overspent & continue to do, so swearing the whole time that increased spending gets us out of debt. That's not the way to turn around the economy! Don't bother blaming previous leaders. We chose them. What's required is a cultural change. Citizens must be active, hold officials accountable after the election, & vote out big government spenders destroying our economy at all levels.
Die Hard November 13, 2012 at 03:42 PM
When a trooper is allowed to take their cruiser out of state for a family vacation, with the the taxpayers paying for gas, something is def wrong!
Cliff November 13, 2012 at 04:21 PM
Your simplistic attempt to compare a family's budget problems to those of the U.S. government indicates an alarming lack of understanding of how our economy works. Fortunately, you don't have any aspirations for government office. Wait- what? Really? Twice?
Jack November 15, 2012 at 01:38 PM
Hey Cliff, read this in the Courant and maybe you'll see how little you know about the impact of CT's failed government! As for your sophmorish insults of Ms. Novak, it's too bad you couldn't say something intelligent about the merits of her analogy rather than demonstrate your arrogance. (http://www.courant.com/news/politics/hc-deficit-malloy-20121114,0,2722730.story)
Jack November 15, 2012 at 01:55 PM
Quoting from the Courant article, you can see the devastating impact of the path we're on and might even go over the cliff, Cliff, before California. Moreover, CT now has the WORST credit rating of all 50 states! Let's all give a hi-five to our Governor and his brilliant team of job creators! Let's go BLUE!!! "The reality is quite alarming," said Conning's Paul Mansour, the report's author. "The state is among the worst in job creation [and] tax revenue growth and has not yet seen a recovery in home prices. It has very high debt and retirement obligations, little budget flexibility and no rainy day fund balance." (http://www.courant.com/news/politics/hc-deficit-malloy-20121114,0,2722730.story)
Jack November 16, 2012 at 04:07 AM
Hello Die Hard, I understand completely what you are saying and it would give me some concern. I just wonder if you are privey to all the facts. My son is a police officer in a NE town (not CT) and he does have a car provided by the town in which he works. He brings it home at night and he does indeed take it anywhere he chooses to go. However, he is on call 24/7 and this car is a literal arsenal and filled with what he believes is necessary for him to carry out his duties if called upon in ANY situation. He takes this perquisite very seriously for what it is intended. However, he is FORBIDDEN to transport any of his family members in this vehicle and as his father, he wouldn't even talk about my "taking" a ride in his "company" car. If what you say is correct, then you are right in your concern about our states laxity and disservice to taxpayers.

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