House Convening to Address Budget Deficit
The House and Senate will convene this afternoon to address the state’s $391 budget deficit for this year. While tackling today’s challenge of addressing that budget shortfall, legislators in both chambers will need to address a $6 billion deficit when they return in January.
Governor M. Jodi Rell’s plan to address the budget deficit includes spending cuts and delayed spending in other areas. A proposed tax amnesty plan could generate $40 million in previously uncollected taxes.
The Governor also proposed a controversial measure, turning over uncollected bottle deposits to the state which could generate $28 million. A number of legislators oppose that plan.
The State currently has a $1.4 billion Rainy Day Fund which members and the Governor are hoping to avoid dipping into yet, as it will likely be needed next year.
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