Fasano Urges Lawmakers to Protect Rainy Day Fund & New State Caps
January 3, 2019Senate Republican President Pro Tempore Len Fasano (R-North Haven) released the following statement regarding Comptroller Lembo’s latest budget projections and comments urging discipline in building the state’s Budget Reserve Fund.
“I agree with Comptroller Lembo that lawmakers and state leaders need to use discipline when it comes to state finances. That discipline should include not draining the rainy day fund or eliminating the state’s new spending, bonding and volatility caps. The early signs of positive growth we are seeing today are a direct result of the state’s historic bipartisan budgets, and all related financial protections, which are beginning to restore some confidence in our state. However, we are hearing from experts across the state that a recession is likely on the horizon. Markets abroad and here at home show evidence of a broad slowdown in growth. Now is not the time to be spending our state’s emergency funds. It is not the time to reverse the various spending caps we’ve put in place to create stability in state finances. If we are expected to again enter a fragile economic time period we cannot afford to compound the problem by draining our rainy day fund or abandoning fiscal restraint. I hope Governor-elect Lamont and Democrat legislative leaders listen to this advice.”