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CT 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.

Steven DeVaux November 13, 2012 at 10:39 AM
Raise tax rates....lower taxable income as the economic activity disappears into the underground economy and barter system - every time. And the tax increases last year were $1.5 BILLION not $1.5 million. Leave it to a democrat to understate tax increases, couched in a "mis-statement".
Steven DeVaux November 14, 2012 at 11:36 AM
The answer is quite simple. Stop spending. Works every time.
Chris Goodman December 08, 2012 at 01:50 AM
I guess living within our "local" town's fiscal means is too complicated for politicians and for that matter, the voice of the local resident. If the local municipalities tried to pass a budget that covered all the "stuff" we supposedly need and deserve without state aid, it would be rejected every time. Real Estate taxes are out of control with state aid, imagine maintaining these budgets without it................. It is really simple....stop spending more than we can afford regardless of how uncomfortable or unpopular this might be. Our town supports more none essential programs in the education system than the essential ones. It is great when the state is giving us a big cushion. Brookfield cannot support itself without crushing it residence with even more taxes.
Steven DeVaux December 08, 2012 at 05:00 AM
Chris, Too bad a majority of the Board of Selectmen led by Howard Lasser and majority of the Board of Finance members led by Ronald Jaffe don't feel that way. Perhaps middle class budgets would be presented instead of want lists.

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