“The truth is Connecticut faces a deficit of almost $3 billion over the next two years,”
Sen. Len Fasano, R-North Haven, said the surplus reported Tuesday by the Malloy administration comes at the cost of “shifting expenses off the books, borrowing to fund everyday government expenses, and diverting over $189 million away from the Special Transportation Fund.”
“It is not a true surplus,” Fasano said.
What Malloy is touting as a surplus is “celebrating – a failed economic plan coupled with the creation of an illusion of excess funds,” said Fasano.
“The truth is Connecticut faces a deficit of almost $3 billion over the next two years,” Fasano said. “Bonding and moving funds around only digs us into a deeper hole, grows our debt and underfunds areas that need our support.”
Fasano and McKinney are referring to several decisions made over the past few years to refinance debt and push the repayment date past the November election. The legislature and Malloy also erased the 2012 budget deficit by postponing the early payment of about $222 million in debt.