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Gov. Malloy Says No New Taxes Despite Deficit

The state's budget deficit is now projected to top $1 billion but Gov. Dannel P. Malloy has vowed he won't hike taxes again to close the budget gap.

 

Despite a growing budget shortfall that is expected to hit $1.1 billion in the next fiscal year, Gov. Dannel P. Malloy is vowing that he won't increase taxes again. Malloy last year hiked state taxes by an historic $1.5 billion to help balance the state budget.

Combined with the current year's budget gap of $365 million and the additional shortfall of about $1 billion expected in the 2013-2014 fiscal year, Malloy and state lawmakers are facing deficits of more than $2.5 billion when they meet in early 2013 to craft a new two-year budget, according to the Connecticut Mirror.

Malloy, however, said this week that the shortfalls will not require additional tax hikes. In a press conference following the release of the new budget figures, Malloy said the state fiscal problems are the result of weak economic factors nationwide and that no new taxes would be needed to close the budget gap.

Erik Grudzien November 16, 2012 at 07:24 PM
I don't want won't believe it at all, that is until the day he's voted out.
Voice of Reason November 16, 2012 at 10:30 PM
No, he won't increase taxes at this time. Even Malloy knows things are far too bad in the CT economy to do so. He'll just stack it up on the $100 Billion State debt that already exists.
joe_m November 17, 2012 at 06:35 PM
Sec. 18 a. The amount of general budget expenditures authorized for any fiscal year shall not exceed the estimated amount of revenue for such fiscal year. It's amazing how Democrats just ignore the laws they can't comply with. The budget was never balanced. Tax increases never bring in the amount of revenue they expect. No surprises here. Concessions from the state employees and their unions, another joke that never was meant to reduce expenses. Just "estimate" what we want, not what is reasonably expected. There is only 1 answer, reduce government spending at all levels. Current expenditures are not sustainable. Politicians do not have any backbone and will never tell the public the truth. The only thing they know is to increase taxes, he will do it "with a heavy heart" but convinced there are no other choices.
Sean M November 19, 2012 at 01:39 AM
This problem dates back to when Governor Rell was in office. In 2007, there was a $900M plus surplus in the budget. They all spent it. The only no vote was Sam Caliguri. The Republicans have no backbone in Hartford. They go along to get along. They have contributed to the problem.

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