Budget/Economy

Recent Posts

About face: Legislators push ban on variable electric rates

Dan Allegretti of Constellation Energy, at right, testifying before the Energy and Technology Committee.

A new push to ban variable electric rates is a tacit admission by key legislators that a 2014 consumer protection law was insufficient to protect customers against bait-and-switch marketing by some of the electric retailers who compete with United Illuminating and Connecticut Light & Power, now known as Eversource Energy. Continue Reading →

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Dispute over Malloy borrowing plan heats up

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Updated 1:25 p.m. Tuesday
Tensions built Monday between Gov. Dannel P. Malloy's administration and state Treasurer Denise L. Nappier over the governor’s controversial proposal to use $325 million in borrowed funds to pay off debt over the next two years. Continue Reading →

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Treasurer: Malloy plan could harm state’s reputation with investors

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State Treasurer Denise L. Nappier warned Gov. Dannel P. Malloy on Friday that one component of his new budget could harm Connecticut’s reputation on Wall Street. In a letter released to the media Friday evening, Nappier – a Democrat – called the Democratic governor's plan to rely on $325 million in borrowing to cover operating costs “too aggressive.” Continue Reading →

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Behind The Numbers podcast – Episode 2: Deep cuts, tax hikes and an end to deficits?

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Connecticut Mirror Budget Reporter Keith M. Phaneuf and state Controller Kevin P. Lembo discuss Gov. Dannel P. Malloy's $40 billion biennial budget proposal and whether it would put state finances on a sustainable path into he future. Continue Reading →

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Governor would cancel some town aid, other grants to close this year’s deficit

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Gov. Dannel P. Malloy wants legislators to cancel $12.7 million owed cities and towns and withhold another $24 million earmarked for biomedical research, open space and historic preservation activities to reduce this year's budget deficit. Continue Reading →

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Governor’s budget needs $300M in borrowing to stay in balance

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Gov. Dannel P. Malloy’s new budget would need more than $300 million in borrowing to cover operating costs over the next two years if projections from nonpartisan analysts and the treasurer's office are correct. The governor's budget relies on a controversial fiscal practice that faces increasing scrutiny and drives up the interest rates Connecticut pays to borrow funds for school construction and other capital projects.
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Malloy would tax business, cut services to balance budget

Gov. Dannel P. Malloy

The $40 billion two-year budget proposed Wednesday by Gov. Dannel P. Malloy closes a major deficit at little cost to the middle-class, while cutting social services, adding to the tax burden on business and making a small down payment on an ambitious 30-year plan to overhaul transportation. Continue Reading →

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Malloy proposes a ‘best-in-class’ transportation system

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Gov. Dannel P. Malloy put forward a 30-year, $100 billion transportation initiative Wednesday, including a $10 billion investment in state and federal funds over the next five years. But the governor’s proposal does not say how it would keep transportation spending balanced beyond the next two years.
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Malloy plan pumps up tax receipts by more than $800 million

Gov. Dannel P. Malloy addresses the General Assembly in a joint session after announcing his budget proposal on Wednesday.

Gov. Dannel P. Malloy's two-year budget plan raises more than $360 million in net new tax receipts over the biennium, while canceling or delaying more than $480 million in net tax cuts that he signed last term and promised to start after the election. Continue Reading →

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Event: ‘Budget Unbundled’ program set for Feb. 25 in Hartford

“Budget Unbundled: A Closer Look at Connecticut’s Fiscal Roadmap,” a program discussing Gov. Dannel P. Malloy’s proposed state budget, will take place Wednesday, Feb. 25, at the Hartford Marriott Downtown, 200 Columbus Blvd., Hartford. Continue Reading →

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