Fasano Statement on New Deficit Projections

Hartford – Senate Minority Leader Len Fasano (R-North Haven) released the following statement regarding new deficit projections, which increased the fiscal year 2016 projected deficit by $56.7 million, for a new total deficit of $315.8 million. This deficit will be closed using money from the state’s rainy day fund. As a result, only $90.2 million will be left in the state’s emergency reserve. The increase in the deficit was caused in part by a $75 million drop in projected income tax receipts and a $28.2 million drop in revenue from the sales tax.

“The drop in income tax receipts shows that either people or jobs are leaving Connecticut and families are struggling. The drop in sales tax, the second largest revenue source for the state which usually meets its targets, is also extremely concerning. Had the majority heeded Republican calls years ago, our families wouldn’t be facing the severe problems before us today. Instead Democrats dismissed Republicans, saying we were simply rooting for failure. The reality is we were sounding the alarm. Connecticut can improve, but we must change direction. We have to focus on growing jobs, boosting our economy, and making long term changes to our budget so that our families can thrive today and for generations to come. Clearly more of the same policies and more business as usual will only worsen Connecticut’s problems.”