Gov. Malloy Says No New Taxes

The state's budget deficit is now projected to top $1 billion but Gov. Dannel P. Malloy has vowed he won't hike taxes again to close the budget gap.

Despite a growing budget shortfall that is expected to hit $1.1 billion in the next fiscal year, Gov. Dannel P. Malloy is vowing that he won't increase taxes again. Malloy last year hiked state taxes by an historic $1.5 billion to help balance the state budget.

Combined with the current year's budget gap of $365 million and the additional shortfall of about $1 billion expected in the 2013-2014 fiscal year, Malloy and state lawmakers are facing deficits of more than $2.5 billion when they meet in early 2013 to craft a new two-year budget, according to the Connecticut Mirror.

Malloy, however, said this week that the shortfalls will not require additional tax hikes. In a press conference following the release of the new budget figures, Malloy said the state fiscal problems are the result of weak economic factors nationwide and that no new taxes would be needed to close the budget gap.

Spiff November 16, 2012 at 08:30 PM
Eileen, you really need to provide a correction for this article. The State of CT hasn't balanced it's budget in years! As opposed to Generally Accepted Accounting Principles (GAAP), which are the standard for the large majority of both private and public organizations worldwide, the State of CT uses smoke and mirror accounting gimmicks to 'balance' the budget (and I use the term balance extremely loosely since the budget has never really been balanced in years). Unfortunately, while Candidate Malloy ran on the promise to transition to GAAP if elected (another one of his broken campaign promises), he has simply moved forward with his version of these tired old accounting gimmicks. You should really include that information in your article if you want to give readers the true story. The state's fiscal problems aren't the result of weak economic factors nationwide, first and foremost the state's fiscal problems are due to the fact that these people in Hartford don't have a clue about financial management, although the poor economy certainly doesn't help. On top of that, Malloy and his fellow party members continue to support anti-growth policies that suppress any hopes of breaking free from this quagmire of a recovery. BTW, Dan's out of here anyway, so he really could care less. Rumor has it he will be Transportation Secretary during Obama's second term. May God help us all.
John Dolle November 16, 2012 at 10:59 PM
Malloy does not need to raise taxes to accomplish generating more money. There are plenty of current revenue sources and additional revenue sources not taken full advantage of due to gross incompetence in government.
Bill B. November 16, 2012 at 11:56 PM
There are plenty of "current revenue sources" and "additional revenue sources" Pure Semantics "current taxes" and "additional taxes"
John Dolle November 17, 2012 at 03:21 PM
Excellent Bill, Taxes are not the only source of revenue. Established generating sources of revenue seem to elude this administration's radar.
Jim G. November 18, 2012 at 08:06 PM
Since you're so certain of this, you should be able to list a few - preferably ones that are of a size to make a difference in the forecast deficit.


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