Democratic legislators expanded their majorities Tuesday, but complex fiscal rules favor Gov. Ned Lamont in the next budget debate.
State Budget
Posted inMoney
Lawmakers eye higher ed, nonprofits for state bailout as COVID continues
Lawmakers say the state should help programs, like higher education, beset by the COVID pandemic. Will the governor agree?
Posted inEducation
CSCU faculty and students ask for emergency funding after budget cuts
Students and faculty from the CSCU system called for provide emergency funding after budget cuts.
Posted inMoney
Surging tax receipts take a huge chunk out of state’s projected budget deficit
The improved fiscal picture increases the likelihood Gov. Ned Lamont can avert major tax hikes next spring.
Posted inMoney
Lamont’s plan to close $2B deficit could be to tap CT’s $3B rainy day fund
Don’t expect to see Gov. Ned Lamont propose big tax hikes or huge spending cuts to close a $2B deficit.
Posted inMoney
Lamont tells CT agencies to prep deep cost cuts for next budget
Gov. Ned Lamont has directed agencies to find ways to cut spending by 10% or more in the next budget.
Posted inMoney
Lamont is guarding reserves for recession to come. Critics say he’s prioritizing austerity over COVID response
The governor has been withholding use of state money for pandemic relief in fear it will run out too soon.
Posted inHealth, Justice, Politics
Lamont, Democratic lawmakers, have different visions to rebalance CT’s finances amid crises
It is becoming clear the business-sensitive governor and his more liberal base are headed in opposite directions.
Posted inMoney
Pandemic could erode one-third of all state revenues, new analysis finds
The coronavirus-induced recession could erode more than $6.5 billion in annual state revenues — far more than state officials predicted.
Posted inMoney
Report: Lack of more federal help could cost Connecticut 60,000 jobs
The Economic Policy Institute projects large job losses in Connecticut and other states without $1 trillion in federal help.
Posted inMoney
Lamont hopes the friendly approach will coax unions to the table
Gov. Ned Lamont is hoping a friendly approach will entice state employees to sacrifice yet another pay raise.
Posted inMoney
Report: State revenues crater amidst COVID-19-induced economic chaos
The coronavirus-induced recession would rip $7 billion from Connecticut’s coffers by 2023, triggering another major tax debate.
Posted inMoney
Connecticut’s record-setting rainy day fund is running on borrowed time
While state analysts struggle with economic uncertainty, they concede Connecticut’s vaunted budget reserve could be gone a year from now.
Posted inGovernment, Money
Lamont: Pandemic will give Connecticut a $500M shortfall by June 30
Gov. Ned Lamont projected state finances would finish $500 million in the red by June 30.
Posted inEconomic Development, Health, Money
Lembo: CT may not know its full financial plight for months to come
“The speed and scale of the pandemic’s economic disruptions are unprecedented for Connecticut,” said Comptroller Kevin P. Lembo.