The CEO of Webster Bank speaks frankly about the spending cap
The state’s constitutional spending cap should be “comprehensive” and cover all state spending except for debt service, Webster Bank CEO James C. Smith told members of the Spending Cap Commission this week. The spending cap is supposed to limit how much state lawmakers can spend – but in recent years money has been moved out from under the cap, weakening it. Smith powerfully made the argument that the state’s spending cap matters – read the rest of his testimony here.