Despite increasing General Fund revenue by $2.52 billion over the next two years, Connecticut will still face billion-dollar budget deficits from 2022 through 2024, according to a budget report released by the Office of Fiscal Analysis. “The General Fund is projected to be in deficit by over $1 billion per ...
Analysis: Preview of the budget battle ahead Democrats are gearing up for an intra-party squabble about how to close the $3.7 billion two-year budget deficit. This year’s budget battle won’t be Democrats vs. Republicans, but rather progressive Democrats vs. moderate Democrats. Unfortunately, the disagreement isn’t over whether to raise taxes ...
The left-leaning think tank which has the ear of the Democratic Party in Connecticut hosted a forum at the Capitol Building today to decry the state spending cap, volatility cap and bonding cap, saying the restrictions will make Connecticut’s budget situation worse.
The newest budget negotiated between Democratic and Republican leaders in both the House and Senate has yet to be released, but based on the information we have received, this is a breakdown of the changes included in the new budget package.
Gov. Dannel Malloy proposed definitions earlier this year to finally implement the 25-year-old constitutional spending cap. His budget chief admitted Monday that, unless lawmakers pass the administrations' proposed definitions, his proposed budget will exceed the existing cap by $153 million.
Among the troubled roots is Connecticut’s inability to sufficiently reduce spending, which has hurt the state’s fiscal health. In the most recent fiscal health analysis put out by some of the nation’s most reliable economic researchers, Connecticut shows vast room for improvement. In the Pew Charitable Trust’s research titled Fiscal 50: State Trends and Analysis, Connecticut did not fare well compared to its neighbors. Of particular note is the state’s depleted reserves; Connecticut’s reserves would allow the state to operate for a projected 8.3 days.