Balance Budget Without Raising Taxes

As our nation faces an unprecedented financial crisis that threatens to wipe out jobs, investments, businesses and retirement savings, Connecticut confronts its greatest budget deficit in recent history. Both the non-partisan Office of Fiscal Analysis and the Office of Policy and Management agree that the deficit for the fiscal year ending in June will be approximately $300 million and is likely to grow to more than $2 billion over the next two fiscal years.

At the same time, the wages of working families aren’t keeping up with expenses. The rising cost of healthcare, home heating fuel, gasoline, food and other services, coupled with our state’s high tax rates have created conditions that many are finding hard to weather. It is clear that government at all levels is faced with very difficult choices.

We need to adjust our spending habits — now.

I discussed the budget outlook and the options we have address this growing problem with Speaker Jim Amann on Fox61's Beyond the Headlines this past Sunday.