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News Dec 24, 2012 - 9:45:36 AM

Rep. Molgano votes to mend budget deficit

By State Representative Mike Molgano's office

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Rep. Molgano (R-Stamford)
HARTFORD, CT - On Wednesday, December 19th, the Connecticut State Legislature passed a bipartisan deficit mitigation package aimed at eliminating the $251.6 million deficit jointly projected by the Governor's Office of Policy and Management and the non-partisan Office Fiscal Analysis.

State Representative Mike Molgano (R- Stamford) said the compromise package is far from ideal but stressed how it was necessary to close the deficit that had steadily increased just six months into the current fiscal year.

“Making these spending reductions to our budget was not an easy task, but it needed to be done,” said Molgano. “Connecticut’s economy has been slow to recover. The tax increases that were passed two years ago did not produce what was needed to fix our deficit, and we saw our state spending actually increase, rather than decrease to a responsible level – it was the wrong direction. This package was a true bi-partisan effort to get our state back in shape, and I hope we can continue this type of collaborative work in the upcoming months.”

Molgano joined his fellow Republican legislators in fighting against any additional tax increases during the budget negotiations. Aid to municipalities was also kept intact helping reduce the chances of local tax increases in the future.

Additionally, the package included an elimination of longevity payments for certain state employees and greater attempts to root out rampant fraud in state programs such as the Earned Income Tax Credit.

Because the economy remains unpredictable, the package built in a $78 million Rainy Day Fund in case of future fiscal problems.

The package passed both the House of Representative and the Senate and will move to the Governor for his signature. The new legislative session begins on January 9th.

Rep. Molgano represents the 144th General Assembly District covering Stamford.

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