Budget/Economy

Recent Posts

New rule: Curbing state spending or masking looming deficits?

Malloy before JJPOC

Gov. Dannel P. Malloy insists recently adopted legislation that restricts how nonpartisan staff report future budget trends — including deficits — will help ensure state spending doesn’t increase “on autopilot.” But the measure places no restrictions on what the legislature can propose or adopt, nor will it prevent legislators from obtaining the material nonpartisan analysts will not be able to publish in one high-profile report. Continue Reading →

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New CT budget contributes to credit downgrades from Wall Street

budgetLogo

The new state budget's ability to mitigate longstanding fiscal problems got poor marks Thursday on Wall Street as two of the four major rating agencies downgraded Connecticut’s credit ranking — probably boosting borrowing costs in the future. Continue Reading →

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House sends lean, overdue CT budget to Malloy’s desk

House Speaker J. Brendan  Sharkey hugs Rep. Toni Walker, co-chair of the Appropriations Committee, after final passage of the state budget in the House.

Updated at 11:08 p.m.
The Democrat-controlled House voted 74-70 to adopt a $19.76 billion budget that closes a nearly $1 billion hole in the 2016-17 fiscal year without raising taxes or tapping Connecticut’s modest emergency reserve. Eight Democrats joined with all 62 Republicans present to oppose the measure. Continue Reading →

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Measure strips $1B in bonded projects off of CT’s credit card

Gampel Pavilion at UConn

The Senate voted late Thursday rebalance Connecticut’s credit card in the face of shrinking tax revenues, canceling or delaying about $1 billion in financing for a wide array of projects and programs, and to authorize $380 for municipal school construction, down significantly from recent years. Continue Reading →

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A handshake, then a vote on Connecticut’s next budget

Budget chief Ben Barnes, right, shakes hands with the Senate leader, Martin Looney as debate begins. At Watching is Looney's top aide, Vinnie Mauro.

Updated at 11:10 p.m.
The Senate adopted a $19.76 billion budget Thursday that would eliminate a nearly $1 billion deficit and significantly reduce larger shortfalls after the November state elections. Continue Reading →

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