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Wednesday, January 30, 2013

Spending Cuts Reluctance Widens Hole in Next Budget

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By Keith M. Phaneuf

www.ctmirror.org

While legislators slashed spending last month to balance current finances, their reluctance to embrace those cuts long-term means the shortfall in the next state budget has grown yet again, according to a new report from nonpartisan analysts.

The legislature’s Office of Fiscal Analysis projects that spending will outstrip revenues by $1.2 billion in the fiscal year that begins July 1, based on current trends, and the fiscal hole in 2014-15 now exceeds $1.3 billion.

That’s up modestly from the shortfall projections of $1.14 billion for next year and $1 billion for 2014-15 that OFA released in mid-November.

The $1.2 billion gap, which is 6 percent of the current operating budget, also is roughly one-third the size of the historic, $3.7 billion annual shortfall that Malloy inherited upon taking office two years ago.

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Posted 01/30 at 02:19 AM

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