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State Prepares for $550 Million Emergency Loan

Connecticut readies for the possibility of emergency financing.

Connecticut is preparing a contingency plan in case the state has trouble paying its obligations. Treasurer Denise L. Nappier outlined the plan in a letter addressed to Gov. Dannel P. Malloy.    

“Given the fiscal challenges facing the State, I believe it is prudent to prepare for the potential – though still not certain – need to borrow funds externally in order to fund cash flow requirements for current operations,” Nappier wrote.

The Connecticut Mirror published the letter.  

The state faces a $415 million deficit in the current fiscal year. A number of cuts totaling $170 million enacted by Gov. Malloy brought the actual deficit down to $290 million.

The cuts affected many departments, such as $32.2 million from the Department of Social Services and $14.4 million from state colleges. 

COSMO P December 07, 2012 at 11:04 AM
@ MOLLY Clearly you are talking nonsense. This state has the highest taxes in the country and is bankrupt. The democrats keep spending money with no end in site. Even if these companies move here several other companies are either moving or down sizing. The job market in this state is very bad. Graduates from our universities i think the number of them is 75% relocate to different states for employment. Clearly the democrats do not know how to fix this economy. Other than raising taxes and run in the red. But just for starters Ridgefield is getting new side walks paid by the state when it is in a deficit approaching 500 Million. If you are ok with this spending and mismanagement then the democrats are for you. I am not and we need to change this or we will have a complete break down of our economy. Ct is the worst state to do business and also retire in and this is no secrete The democrats are running this state and it is run horribly. As posted above the Governor is beholden to the unions. And that is not good. The teachers pension plan is bankrupt. As well as other state agencies. As far as the racism thing what does that mean. If you are referring to the presidential election i can answer that simply. 98% of blacks voted for the president. Is that not racism. Think about that for a while.
COSMO P December 07, 2012 at 11:22 AM
@ MOLLY QUOTE The relocation is expected to provide NBC with millions of dollars in tax credits and to add at least 450 jobs to the state, the governor’s office said. Please explain. Is the state making a deal with NBC to reduce or waver their TAX burden to this state? It clearly says that. And this just goes to show even you that business needs special incentives to relocate or build a business in CT. The state was going to give Prat & Whitney all kinds of tax breaks so they would not move out. The numbers were 500 million dollars of tax breaks. Prat & Whitney thanked the governor and said bye bye Ct. This clearly shows this state is not business worthy or friendly. Anyone with a 1/2 ounce of brain's can figure this out. Basically the democrats have a problem they do not know how to fix this economy plain and simple. That is unless you are working for the government. Does this tickle you fancy or are you just on the receiving side of this mismanagement or should i say redistribution of wealth ?
COSMO P December 07, 2012 at 11:29 AM
@ MOLLY Ok you must have voted for LINDA am i correct? She has a huge business in Stamford and employs hundreds of people. Am i correct on this? And golly gee she never got special TAX incentives. So what you are saying is CT has to make special TAX deals wit companies to relocate here. Wow does this not tell you the state is run poorly. If other companies have to play by the rules why not NBC. Clearly a deal had to be made as their is no other reason to move here for businesses. So the Governor bribed NBC with reduced taxes and other residents of this state and also established businesses make up the difference, Do you now see the problem with these democrats. They do not know how to use a calculator.
COSMO P December 07, 2012 at 11:34 AM
Half of the large firms taking part in a recent survey have considered leaving Connecticut or expanding out of state in the past year, a fact the Connecticut Business and Industry Association called “most alarming.”
paul d. December 07, 2012 at 01:46 PM
Does anyone know what a food shelter is and why it has people working there? Is this something the state of CT pays for?

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