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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 08:11 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 made 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 03:44 PM
and in the meantime we are building dog pounds using state money that the democrats say is at zero cost to the taxpayers. Why do we have a defecit when money is coming from the moon like this? Good grief i am about to melt down.
VIN CIMINO November 14, 2012 at 11:49 PM
The budget deficit is NOT approaching $300 million. It is currently $360 million and will probably exceed $400 million. The secret is out. This one-term governor is on his way out, too.
Jay November 15, 2012 at 12:16 AM
Another present from now former rep Crawford - A few months ago the Dems pushed through a very short bill changing the reporting date of budget status ( plus or minus) from late october to Nov 10. Fact..........
Bruce Farmer November 15, 2012 at 12:46 AM
So - let's see - Fiscal Cliff - which could be a big hit to Ct's defense industry and our taxes and the prior voting records of Mr.Murphy and Mr.Crawford combined with Gov.Malloy's lack of fiscal leadership - we in Ct. need new responsible leadership.

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