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Tuesday, February 05, 2013

Malloy’s Push to Avoid Taxes Spurs More Borrowing

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By Keith M. Phaneuf

www.ctmirror.org

While Gov. Dannel P. Malloy pledged to avoid new taxes and preserve education reforms, the legislature’s top Republicans charged today that the governor’s new budget dramatically expands the state’s hefty credit card balance.

Besides refinancing debt from the last recession and borrowing to prop up municipal aid and support the conversion to Generally Accepted Accounting Principles, the new budget would offer new rules to soften the constitutional spending cap.

The plan also raises about $140 million in new tax revenue by continuing expiring taxes on power plants and other businesses, and by reducing a tax credit for working poor families. That’s according to the Senate and House minority leaders, John P. McKinney of Fairfield and Lawrence F. Cafero of Norwalk, both of whom are weighing bids for governor in 2014.

The administration provided advance budget briefings to key legislative leaders and others Monday and today.

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Posted 02/05 at 08:43 PM

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