Fasano: Democrat Budget Will Wipe Out Surplus, Burden Future Generations

Senate Republican Leader Len Fasano (R-North Haven) released the following statement in response to a press conference held by Governor Ned Lamont and Democrat leadership announcing a “handshake” on a state budget deal.

“While Democrats have yet to release details about their plan, what we do know about their budget is that it will expand taxes, burden future generations with over $27 billion in new debt, and completely wipe out this year’s surplus.

“Just like Gov. Malloy did, Gov. Lamont’s budget shifts billions of dollars in pension contributions onto future generations – plus interest. Democrats are burdening our children to make room for more spending in the budget today. They are doubling down on the Malloy strategy. While Gov. Malloy added $11 billion in new debt onto future generations by refinancing the state employees’ retirement fund, Gov. Lamont wants to refinance again, just two years later, pushing billions more in new debt onto future generations.

“Democrats also intend to suck dry the state’s current surplus. For the first time in years, Connecticut has a legitimate and significant surplus in the current fiscal year as a result of a solid bipartisan budget. While it took years to grow a surplus, it will take just days for Democrats to wipe it out. While the governor tried to take credit for a robust rainy day fund, the reality is those funds are growing and safe not because of his budget, but because of Republican efforts to ensure those funds could not be touched. If these few details are a prelude to the rest of the budget, taxpayers better hold on to their wallets.”