Senator Fasano Supports Governor Rell’s Stance on Economy

July 28, 2004

State Senator Len Fasano (R-34 th ) has applauded Governor M. Jodi Rell’s decision to place an expected $200 million surplus into the state’s Rainy Day Fund. He noted that it was a prudent move and one that should have been made with the last surplus back in April.

“From the day I was elected to the State Senate, I have advocated that for the future of the state, we need to hold the line on spending, so it is really refreshing to hear Governor Rell speak about her intention to keep a tight grip on the state’s wallet. It demonstrates that the Governor and I are on the exact same page, fiscally speaking,” said Senator Fasano who represents North Haven, East Haven, and Wallingford.

Back in late April, the state’s non-partisan Office of Fiscal Analysis indicated that the state had a $250 million surplus for Fiscal Year 2004. The majority of both chambers voted to spend that entire surplus rather than put some or all of the money in the Rainy Day Fund. Senator Fasano was not among those legislators and spoke out strongly against that decision.

“I voted against the budget adjustment package in April and argued then that increasing spending without creating any cushion for the future could put us in some extremely serious financial debt,” continued Senator Fasano. “A recent analysis of state debt indicated that my concerns were not unfounded. The study found that each Connecticut citizen’s share of the state debt is an astounding $3600! Over the last decade or so we have borrowed as much as larger state like Texas, New York, and Michigan. This cannot continue and with Governor Rell leading us, I am confidant that it will not.”

“The key word is ‘prioritizing.’ Our government certainly needs to set aside significant funding to support health care and education programs. However, we need to come up with more creative ways to make these programs work without borrowing and paralyzing the state with more debt.”