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Surprise! 2 Weeks After CT’s Budget Went Into Effect, It’s $178 Million in Deficit

November 14, 2017 By Staff
Surprise! 2 Weeks After CT’s Budget Went Into Effect, It’s $178 Million in Deficit

The latest projection from Malloy budget director Ben Barnes is nothing short of alarming, and a bad sign for the prospects of a balanced budget.

Connecticut is already projected to finish fiscal year (FY) 2018 nearly $180 million in the red, according to Malloy budget director Benjamin Barnes.

Mark Davis of WTNH was one of several reporters to share the news:

This pales in comparison to the two-year, $3.5 billion deficit the state just closed. However, it’s a worrying sign that revenues could continue to underperform expectations, which would require the governor and the legislature to make more tough decisions to balance the budget.

By way of example, in just six weeks earlier this year (March to May 2017) the FY 2017 budget deficit grew eight times in size, from $45 million to $380 million. If that happens again, it’s going to be a rough 2018 at the Capitol.