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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.

Bill B. November 13, 2012 at 08:26 PM
You got my vote Tom. Too bad we aren't in IL,PA, or FL, I probably could've voted more than once. Good luck next time, I hope
Kaptainsteve November 13, 2012 at 09:29 PM
Did anyone, anywhere, ever stop to think that maybe the government (on both a state and federal level) is just too big and spends too much? Where is all the talk about SHRINKING the size and scope of government? It's no where. You don't hear a peep. All you hear is let's tax the rich, let's come up with some new way to get more revenue, but you NEVER hear WE ARE TOO BIG AND SPEND TOO MUCH!
Jim G. November 13, 2012 at 09:41 PM
Gosh, no, Steve, not a single person in the whole US has thought that government is too big and taxes are too high. We're SO glad you brought it to our attention. I can't imagine how we got through a whole election cycle without huge mobs shouting SLASH GOVERMENT! and SLASH TAXES! nonstop and to the exclusion of any other topic. Oh, wait... but funny thing, those who had nothing else to say were sent packing in favor of people looking for real solutions. You know, the ones that actually address the problems and the complexity of the issues and don't fit on red bumper stickers. But you seem to have missed all that. Maybe you should kick back and catch the highlights reel, where they reduce all those big words down to bullet points for you.
George November 15, 2012 at 12:12 PM
"$1.5 million in new taxes the Malloy administration implemented in the last year"....um, that would be $1.5 BILLION in new taxes on income, corporations and an array of purchases and services.
CeltinWood November 15, 2012 at 02:51 PM
lmost half of this deficit ($112 Million) can be saved by canceling the boondoggle that is CT Fastrak (AKA The Governor's busway to no where). The $567 Million project will depend on a $112 million state investment while wasting the remainder of the revenuse needed via the Federal Gov and, as it happens to be, us - the tax payers. It will provide transportation for only a handful of people, cost millions annually to maintain and never be self-sufficient. Like to HOV Lanes that never reduces congestion nor encouraged car pooling, it will be yet another wasteful endeavor at a time that wecan no longer afford such things. This is only ONE (1) useless project Malloy has thrust upon us that has deepened our debt. The other is the CT Bioscience center at UCONN Health Center. Again MILLIONS in return for a handful of jobs and millions in state give backs and tax breaks. Never providing us with revenue. When our household are in debt, we don't buy new cars, carpeting and appliances. Why does Malloy? It is all simply window dressing to hide the decay and lack of maintenance....... SEMPER FI.

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