Gov. Dannel P. Malloy recently warned Wall Street the state plans to increase borrowing dramatically over the next year. But while Connecticut uses borrowing primarily to finance capital projects, Republican legislative leaders fear the planned spike also signifies that a disturbing trend of borrowing to cover day-to-day expenses will get worse.
Wall Street
Posted inMoney, Politics
Dispute over Malloy borrowing plan heats up
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.
Posted inMoney, Politics
Treasurer: Malloy plan could harm state’s reputation with investors
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.”
Posted inNews
Himes officially replaced as DCCC finance chairman
WASHINGTON – Newly appointed Democratic Congressional Campaign Chairman Ben Ray Luján officially announced his picks to be his top lieutenants Wednesday, turning to a long-time ally of Minority Leader Nancy Pelosi to succeed Connecticut U.S. Rep. Jim Himes as the group’s finance chairman.
Posted inMoney, Politics
New year brings another round in partisan battle over CT’s credit card
The new legislative session is less than one week old and Gov. Dannel P. Malloy and Republican state legislative leaders have resumed their battle over the health of Connecticut’s credit card.
Posted inNews
Connecticut has winners, losers in $1.1 trillion U.S. spending plan
WASHINGTON – The massive $1.1 trillion omnibus spending bill that Congress struggled to approve – with little help from the state’s Democratic lawmakers – has some clear winners and losers in Connecticut, including Pratt & Whitney, Aetna Inc., food stamp recipients and the U.S. Coast Guard Academy.
Posted inPolitics
Himes has tough win on Wall Street provision in spending bill
WASHINGTON – For Rep. Jim Himes, House approval late Thursday of legislation that would allow banks to trade derivatives — a measure he’s been promoting for years — is a bittersweet victory. “I’m not happy that it became a super-hot button issue when it always received bipartisan support,” Himes said.
Posted inPolitics
Himes’ provision roils fellow Democrats, threatens budget bill
WASHINGTON – Legislation championed for years by Connecticut U.S. Rep. Jim Himes, D-4th District, threatened to become a “poison pill’ Wednesday in a massive budget bill that would avoid a government shutdown. Himes’ spokesman, however, insisted the congressman didn’t know how the provision was placed in the budget bill.
Posted inPolitics
Progressive group says Himes too close to Wall Street to head DCCC
Washington – The Progressive Change Campaign Committee is asking its members to lobby House Minority Leader Nancy Pelosi against choosing Rep. Jim Himes as the next head of the Democratic Congressional Campaign Committee.
Posted inMoney
Economists: Deceptive market, sequestration, scuttled Malloy surplus
A deceptive stock market, weak job growth and federal sequestration combined to turn Gov. Dannel P. Malloy’s budgetary oasis into a mirage, according to several leading Connecticut economists.
Posted inMoney
Economists: Connecticut must lean less on Wall Street
The economy may be improving, but Connecticut leaders better not count on a return to the ‘boom-boom’ years of the 1980s and ’90s.