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Posted inMoney, Politics

Partisan debate heats up as state’s credit card nears its limit

Gov. Dannel P. Malloy drew criticism this year when he warned Wall Street investors he would boost state government’s effective credit card limit by 40 percent this year. But if the State Bond Commission approves all of the financing Malloy has proposed for next week’s meeting, the governor will have used up 95 percent of his self-imposed credit limit – with five months still to go in the calendar year.

Posted inCT Viewpoints

Connecticut’s budget problems are just getting started

Today’s state budget crisis is as structurally deep as the Grand Canyon. I have watched this closely since 1991. It is the result of financial negligence in every budget adopted over two decades. It is insane that our budget has increased 255 percent since 1991. And we haven’t even paid all our bills along the way. To have $65 billion in unfunded liabilities, an amazing three and a half times our annual budget, and an increase of outstanding bonded debt from $9 billion to $21 billion since 1991, is criminal in my mind. And believe me folks, this is just getting started.