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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. In fact, it took 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.

Robin Hood November 13, 2012 at 05:09 PM
Malloy is a fool, but he is no different than Rowland or Rell. Weicker raised our taxes to unprecedented levels and raised Corporate Welfare, as did Rowland big time, in fact Weickers tax increase not only balanced Ct's books but gave it a huge surplus so they gave out more to large corporations while ignoring small businesses and the people. Now comes a depression thanks to trickle down and many are out of work, this cuts the amount of money coming in, did anyone in Hartford throttle back spending on large corporations which includes subsidies, energy upgrades, tax deferrements, nope, auto-pilot Rell just sat there. So in comes Malloy who claims he will be fair and there will be Share Sacrifice, but was there? No. He implements a plan that adds to the high taxes Weicker added and increases Corporate Welfare, his first 5 greedy bastards plan, which is exactly like a plan Rowland had. He has given out billions, CIGNA and UBS made out and are not adding jobs, they are laying off while posting huge profits, as are others. Malloy gave a dummy corporation in New Haven 2 million that has possibly 1 employee in Ct. http://articles.courant.com/2012-01-31/business/hc-epip-connecticut-innovations-20120131_1_clinical-trials-medical-device-million-investment He gave a hedge fund 115 million to move from Westport to Stamford with no jobs added. Does anyone wonder why this is not working?
Robin Hood November 13, 2012 at 05:16 PM
http://courantblogs.com/investigative-reporting/ceo-pay-in-connecticut-what-economic-downturn/#comment-979 I'm not seeing where any of these corporations need any help from the taxpayer at the state or federal levels. Nor do I see why they need more to create jobs, it's just a scam to raise their compensation. At some point the cord has to be cut, once a corporation is profitable it should not get any more govt help, just as if you are UE you do not collect when you return to work. That way the money could be used to help small businesses and start ups, where job growth really occurs. The problem is these corporations are too ingrained in our politics, they own our politicians like Malloy who live in a bubble and have no real connection to the real world or real world experiences. They truly believe that giving everything to large corporations that are already sucessful and incredibly profitable solves all of your problems, it was just a mirage that appeared in a good economy, a bad economy exposed it for what it is.
Robin Hood November 13, 2012 at 05:40 PM
Hmm, 300 million in debt? 120 million to large corporations like CIGNA, UBS 115 million to Bridgewater to move from Westport to Stamford ____ = 235 million +124 million of our ARRA funds to UTC = 359 million this would be an easy fix' What I find beyond the beyond is these deals are horrible, UBS for example has to keep 2000 jobs in Ct, but it already has 3500, its like we're saying "hey we'll give you millions and you can lay off 1500 people but stop at 2000" wink wink nudge nudge. This is all insane.
Gail Melluzzo November 14, 2012 at 01:37 PM
Wow, what an incite into the dealings of this admin!! No wonder we can't fix roads and bridges. If you travel from TN to CT, our roads are the worst and indicate to the driver that they are in CT. Sounds like "no trickle down in CT"!!

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