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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.

Jack Kaplan November 13, 2012 at 05:29 PM
Duh! Every neighboring state took serious steps to cut spending! Malloy and the dem controlled legislature raised taxes and have not made the hard less popular choices. And then the voters voted the idiots back in. We get what we ask for I guess! I wish I could move!
Jeff November 13, 2012 at 06:53 PM
Everything Jack said! What people don't realize is that state elections are decided in the urban settings. People who live in the suburbs and rural areas work and balance their own checkbooks all the while being the ones funding government through their taxes. They see the decline of a society and a declining one more rapidly in liberal bastions such as CT. As long as the takers, and forgive me for leaking the dirty little secret, living in cities not paying taxes not working and taking their sustanance from us the tax payers out number us, CT residents ought to just get used to the depopulation of the state and with it the tax revenue. My prediction is the liberal politicians will continue to be held unaccountable. Let them eat cake.

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