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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.

SuperDave November 13, 2012 at 02:07 PM
Don't let this lying wordsmith fool you: "Gov. Dannel P. Malloy said Thursday he has no intention of raising state taxes." He is not saying he will NOT raise taxes. Its his "intention" not to raise taxes. Next he will announce how he has "changed" his intentions, and how he never said he "will not" raise taxes, and that he only "intended" not to raise taxes. Yup, confusing, but this is how politicians think.
Works for food money November 14, 2012 at 10:15 AM
I heard because of sandy welfare food money was doubled for participants because they were inonvenieced. Mmmm I didn't get more money in my pay check. No wonder the state is in trouble
Rich November 14, 2012 at 10:52 AM
I sold a piece of property this year, next year it would have cost me 20% more in taxes. You should see the hidden taxes I had to pay this year. I would estimate that the comercial property would be worth at least 20% less and then subtract the extra 20% in taxes. I invest the money funds and get more for my money then renting. Then my income is less and I get welfare money from the state and collect food stamps if I apply for them. Did not I am a republican..
SuperDave November 16, 2012 at 12:57 PM
I do not mind helping people who need help. But at least try to help yourself before your hand dips into my wallet. It appears all you have to claim is "inconvenience" and money flows. The problem is the government cannot manage their own programs. The intention is good, but far too many people work the system and get benefits they do not deserve. I recall in order to get unemployment I had to go to employers and get signatures to prove I was looking for a job, then present that to a state labor representative in order to get an umemployment check. Now you only have to phone in, and the check is in the mail!
Rich November 16, 2012 at 01:19 PM
I sold property this year to save $20,000.00

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