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Your Take: Can Connecticut Get Its $192 Million Deficit Under Control?

Various measures were taken in the past couple years to close Connecticut’s deficit, but that problem keeps resurfacing.

Connecticut’s deficit is growing faster than expected.

Comptroller Kevin Lembo projects a $192 million deficit for the fiscal year of 2012, which ended on June 30. Previous projections in April had the deficit at only $142 million.

“The economy is the largest single influence on the state budget – dwarfing any other budget drivers,” Lembo said in a statement. “Wall Street’s erratic equity markets and challenges in the financial sector – which had the largest private-sector job loss in the state – is the driving force behind this deficit.”

State income tax levels are as predicted, with a 18.3 percent increase from the 2011 fiscal year. However, taxes from capital gains and bonuses grew only 5.9 percent.

Another problem is that state spending missed its mark by running $22.5 million higher than expected. The deficit will likely be closed using reserve money, Lembo said.

What's your take? Will Connecticut ever get a balanced budget? How?

dave July 07, 2012 at 04:35 PM
we will not get control of our budget finances in this state and country until politicians like malloy and obama are ousted and replaced with people who dont believe spending is the answer to everything. and our 192 million deficit is actually closer to 2 billion under the promises malloy made about converting to GAAP. i wish the media would stop protecting the malloys and obamas and just tell the people footing the bill the truth.

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