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Thursday, November 15, 2012

Projected Deficit for Next Fiscal Year Tops $1.1 billion

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By Keith M. Phaneuf

State analysts are projecting more than a $1.1 billion state budget deficit in the fiscal year beginning July 1, a gap roughly one-third the size of the record-setting shortfall that Connecticut’s governor and legislature tried to close just two years ago.

The projected shortfall for the coming year is sandwiched between the $365 million deficit Gov. Dannel P. Malloy’s administration reported Wednesday for the current fiscal year and a long-range forecast for another gap of more than $1 billion in 2014-15.

But since the governor and legislature must balance the current books and craft a new two-year spending plan this spring, that means they must wipe $2.5 billion in real and projected red ink off the state’s books before the 2013 session ends next June.

The $1.1 billion gap means state government has recovered nearly one-third of the mammoth-sized deficit Malloy inherited just two years ago. And it threatens the governor’s often stated goal of not increasing taxes in the budget that begins July 1—a plan he must propose to the General Assembly in early February.

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Posted 11/15/12 at 10:32 PM


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