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Friday, January 10, 2014

Malloy Says CT’s Long-Term Debt Outlook Has Improved

By Keith M. Phaneuf

Gov. Dannel P. Malloy today tried to get a leg up in the ongoing partisan debate over the state’s long-term debt.

While the Democratic governor has taken heat for increased borrowing, the administration released a new report showing that reforms he implemented against worker retirement benefits will save far more in decades to come.

Malloy’s Republican critics countered that those reforms also will cost the state more after the next gubernatorial election, when a significant budget deficit already awaits.

“It won’t happen overnight, but we are taking the steps we need to pay down debt and shore up the state’s long-term fiscal health,” the governor wrote in a statement. “We are tackling our long-term debt in a responsible way while making bold, necessary investments needed to help create jobs and grow our economy.”

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