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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.         

Dave Adametz November 12, 2012 at 08:58 PM
When a Democrat governor enacts runaway tax and spend policies and a Democrat controlled state gov't blindly rubber stamps everything he does, it becomes painfully obvious that the Democrat single party dominance we have in Hartford is literally bludgeoning the state like a baby seal. The proof is in their works: -CT is in the top ten worst states for taxes. -CT is in the top ten worst states to do business in. -CT is in the top ten worst states for retirees. -CT has been rated the worst financially managed state in the union (Barron's magazine) despite the largest tax increase in the entire history of the state. -CT has recently been forced to open a line of credit just to pay for the expenses of state government. -And now, it's revealed (SURPRISE) the governor has been hiding the state's monstrous deficit until after the election. The problem isn't that we weren't aware of what's been going on, because all throughout the election Republican state candidates campaigned on a platform to address these very issues. The problem is that too many voters either didn't listen, or didn't care, and the voters predominantly deciding to add even more Democrat representatives to their power monopoly in Hartford despite these warnings isn't a victory for candidate A or even a loss for candidate B. It simply means we've given Hartford an even bigger bat to bludgeon the state with.
Ex-Democrat November 13, 2012 at 02:59 PM
Everything is all a okay. Everyone please vote democrat. Hope you dont mind if i wait until after the election to let you know how lousy a job were all doing. Phony crap liek this is the whole reason i left the demo party. We dont just need a third party. We need a fourth and a fifth party.

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