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.

KEVIN DILLON November 12, 2012 at 06:33 PM
I hope Malloy voters are happy with their choice. These results are no surprise. You cannot tax your way to prosperity. The article I believe is incorrect in the number in new taxes. They got the 1.5 correct, but it was billion not million. Governments no longer talk about millions. That's petty cash. It's billions and trillions. Malloy is a joke, but nobody is laughing.
Bart Shuldman November 12, 2012 at 06:34 PM
Congratulations to all CT people--we now have our own true fiscal cliff. In fcat, we fell over it. Unemployment rate in CT is now 9% and going up. Taxes went up 40% on middle income people. The pension liabilities are now $60 Billion. And Governor malloy has legistalated no chnage for anopther 11 years!!!! And that is numbers with a 'B'. The Governor spent millions on giving tax rate cut to an insurance company in Hartford, and now that company is laying off employees. Governor spent millions moving a company from Westport to Stamford. The question is not when we will fall off the fiscal cliff--it is how hard we will fall?
David Skolnick November 12, 2012 at 10:31 PM
Bart Shuldman has it correct. Bart has forgotten one important question. Why does Ct. need a road expansion project to allow buses to travel from New Britain to Hartford? I think we should make Mr Malloy ride Metro North during a rain storm while the water leaks down upon him. That is if the trains are not broken down at the time..
Fairfield Old Timer November 13, 2012 at 04:45 AM
Don't forget.....we must have a Express Busway from New Britain to Hartford and High-Speed Rail from New Haven to Springfield!
Sandra November 13, 2012 at 12:53 PM
Wait til the so-called Affordable Care Act truly kicks in. There are many hidden taxes that will hurt the middle class and slow job growth. Another unaffordable entitlement Malloy can't handle.
Bart Shuldman November 14, 2012 at 07:14 PM
WAKE UP--MALLOY'S budget chief just confirmed the sate has run a $365 MILLION deficit, after raising taxes on 200 different items and also implementing the largest tax increase in the state's history.And the worst part--the states revenues declined--despite the HUGE tax increase. This GOVERNOR and his tax and spend policy is killing our wonderful state. Just the facts people. Just the facts.
Sandra November 14, 2012 at 08:26 PM
Bart the silence is deafening. It is obvious the people of this state are content with failure.
tonypct November 15, 2012 at 01:18 AM
So what do we do? We re-elect all the people responsible for putting us in this mess. ID for voting? Not necessarily. But IQ tests before voting? YES?!?!?!?
Bart Shuldman November 15, 2012 at 01:54 AM
We do we do....what will this Governor do? That is the scary thought. This is a huge deficit and he needs to balance the budget. He already increased taxes on everyone including the middle class and on 200 different items. Revenues are dropping, more people out of work and Medicaid skyrocketing. And people have less money to spend so state taxes will continue to decline. And now the potential of the fiscal cliff and another recession. What will he do? What will his party do? And what will we do with the $60 Billion in unfounded liabilities he is hiding?
Sandra November 15, 2012 at 12:38 PM
Tonypct-"all the people responsible for putting us in this mess" would include democrats and Republicans. We need to work together because neither side has all the answers. The blame game and insults will get you nowhere. Remember "FORWARD"
Fairfield Old Timer November 15, 2012 at 12:46 PM
Impeach Malloy NOW!!!!


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