Budget/Economy

Recent Posts

Is Malloy poised to put much of the budget deficit on CT’s credit card?

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Though Gov. Dannel P. Malloy insists spending cuts will be used to close this year’s $100 million budget deficit, GOP lawmakers say the Democratic governor is poised to use a rarely publicized bonding tool to effectively close much of the shortfall with borrowing. Continue Reading →

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Malloy may run afoul of his pledges whether taxing or cutting

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Governor Dannel P. Malloy faces plenty of critics who argue he can’t balance the next state budget without breaking his campaign pledge not to raise taxes. But Malloy will be equally hard pressed to close next year’s $1.3 billion-to-$1.4 billion deficit with spending cuts, given the many pledges and fiscal principles he has espoused since taking office four years ago.
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Legislators delve into deficit, including its sudden appearance

The legislature’s two budget-writing panels grilled Gov. Dannel P. Malloy’s fiscal staff Friday about the new state deficit – and the administration’s latest cuts to reduce it. Republican legislators focused, as expected, on why the $99 million shortfall Malloy reported last week wasn’t acknowledged before Election Day. Continue Reading →

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Malloy’s emergency budget cuts fall on social services, education

University of Connecticut campus in Storrs

Gov. Dannel P. Malloy ordered nearly $48 million in emergency budget cuts Thursday, imposing the deepest cuts on social services, education and culture and tourism promotion. The cuts, which do not require legislative approval, whittle the nearly $100 million deficit Malloy projected last week down to $45 million. Continue Reading →

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CT gains jobs in October but unemployment rate remains fixed

Connecticut’s jobless rate remained fixed at 6.4 percent in October, despite the addition of about 3,600 new jobs, the state Department of Labor reported Thursday. The agency’s latest report also downgraded job growth estimates it had released two weeks before Election Day.
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