Connecticut is preparing a contingency plan in case the state has trouble paying its obligations. Treasurer Denise L. Nappier outlined the plan in a letter addressed to Gov. Dannel P. Malloy.
“Given the fiscal challenges facing the State, I believe it is prudent to prepare for the potential – though still not certain – need to borrow funds externally in order to fund cash flow requirements for current operations,” Nappier wrote.
The Connecticut Mirror published the letter.
The state faces a $415 million deficit in the current fiscal year. A number of cuts totaling $170 million enacted by Gov. Malloy brought the actual deficit down to $290 million.
The cuts affected many departments, such as $32.2 million from the Department of Social Services and $14.4 million from state colleges.
Borrowing money to pay for current operations is a HUGE problem. It is one thing to borrow to finance construction or infrastructure projects but it is absolutely foolish to borrow for day to day wants. Maybe it's time for Hartford dems to knock on Obama's purse to bail out ct politicians that put us into this mess. (Detroit is doing it today) Pack your bags.
I have a question for you. Does your Obamaphone work when you have your head in the sand (or elsewhere?)
And now, your petulant obama is stamping his feet cause Congress won't give him a limitless credit card.
But yes we have a big deficit and a shattered economy that needs to get back on track. Both the big deficit and the shattered economy were unquestionably the result of the last Republican President in the White House. Funny, I don't remember you or any other Republican whining when that incompetent spent like a drunken sailor, lying us into a war that cost us trillions. Or for that matter when he walked out of office leaving us with more than $10 TRILLION in debt (having inherited a budget surplus) and a destroyed economy which necessitated spending trillions more to keep us from slipping into Great Depression 2. Suddenly, with Obama in office you Teanderthals are all concerned about our economic health. What a surprise...NOT. There's a great saying: Lead, Follow, or Get The Hell Out of The Way. Suck it up and get with the program pal.
The DEBT when Bush took office in 2000 was 5.6 trillion. 8 years later it was 10.0 trillion for an average annual increase of .55 trillion dollars. The DEBT when Obama took office was 10 trillion. 4 years later it is 16.3 trillion for an average annual increase of 1.575 trillion or 3 times the bush increase. Also, in year 2 of obama's reign, nearly 1 trillion was returned to the treasury by bush era stimulus recipients meaning you can deduct 1 trillion from bush's numbers above and add them to obama's thus revealing the true nature of the spending debacle. Deficits cause debt. Bush ran up the debt fighting wars we should have avoided and stimulating the economy to beat back the housing crisis --- both failed. Obama is repeating the mistake but doing it 3 times faster. BTW, the only thing I find obnoxious is willful ignorance.
You are welcome to your point of view, but as a Republican I don't view your goals as ensuring freedom and liberty in the 21st century. Maybe freedom and liberty as it existed in the 18th century is more accurate. Invading the privacy rights of citizens, restricting availability of healthcare, waging war on women and minorities...that's not the party of Lincoln or Reagan -- indeed, Reagan raised taxes more than a dozen times in office and so he couldn't even be in your party. Alper and his cronies (Cliff -- take note this is how it's spelled correctly) ran a lot of good Republicans out of office. I take this personally. Start coming clean on your real goals, pal.