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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 06, 2012 at 06:53 PM
Correct me if i am wrong. Did not Malloy and the democrats promise a balanced budget when running for office?
sebastian dangerfield December 07, 2012 at 12:29 AM
Malloy is just another slimey democrat. Protect unions. Raise taxes. Send the economy downwards Between union thugs being emboldened and worst state for taxed, what companies would ever want to set up shop here?
COSMO P December 07, 2012 at 01:27 AM
Very true . And where is he going to get the money. He made a commitment to not lay off state employees. This is the nail in his coffin. He needs to come up with millions in cuts or raise taxes. He claims he is not going to raise taxes. Does anyone believe this! No question Sebastian the guy is going to hammer us big time. I agree with your post. Hay Sebastian was he not the genetic engineer in the BLADE RUNNER MOVIE!!! He had all those cool little people he made.
Ali Abdulah December 07, 2012 at 03:47 AM
Oct 2, 2012 Here you go genius..... HARTFORD, Conn. (AP) _ Gov. Dannel P. Malloy’s office is confirming Charter Communications Inc. is relocating its corporate headquarters from St. Louis to Stamford. Details of the deal between Charter and the state of Connecticut will be unveiled at a news conference planned Tuesday in Stamford. Malloy’s office said project is expected to create 200 jobs. The brain dead republicans lost on the state and national level, GET OVER IT!!! Unknot your fat girlie panties and put on your senile senior citizen depends !
sebastian dangerfield December 07, 2012 at 04:09 AM
Charter Communications’ new CEO Thomas Rutledge loves Connecticut so much, he is moving the company’s executive headquarters to a new facility in Stamford — just minutes from his tony estate in New Canaan – at taxpayer expense. Rutledge has been running Charter, based in St. Louis, largely from Connecticut and a temporary executive suite in New York City since he accepted the position days after quitting as Cablevision’s chief operating officer in December, 2011. But instead of relocating to St. Louis, Rutledge will force about 100 employees to quit or move to Connecticut, with taxpayers picking up the tab. Under the terms of the corporate welfare deal, Charter will receive a 10-year loan of $6.5 million financed at 2%, with principal payments deferred for three years. If Charter meets modest job milestone requirements, the loan’s balance will be transferred to state taxpayers who will pay it back in part or in full. Nice job Daniel. Nice job Molly. Sure-if you pay them money, things look more attractive. Espcially when the new CEO lives here. Thought these types of deals, were the ones you thought were bad.
Ali Abdulah December 07, 2012 at 04:36 AM
Must be more slimy corrupt republicans (not to mention their racism)..... October 25, 2011, 2:04 pm 3 Comments Tax Deal Lures NBC Sports to Connecticut By BILL CARTER NBC and the governor of Connecticut, Dannel P. Malloy, made it official on Tuesday — much of NBC’s sports operation will move to Stamford. 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. NBCpreviously ran its Olympics operations in Stamford and will now base a broader range of operations at the site of a former Clairol factory. NBC has renamed its sports division the NBC Sports Group. It includes the sports productions of the NBC broadcast network as well as the Versus cable channel, which will be renamed the NBC Sports Network in January, and the digital division of NBC Sports. The Comcast Sports Management Group, which runs 22 regional sports networks, also will relocate to Stamford.
sebastian dangerfield December 07, 2012 at 05:03 AM
Molly What is your point with that post? Can you point out one (just one) hint of racism in any of my 3000 posts? I work in a food shelter--and your type gets made fun of a lot. Someone will say, 'can you believe that obama is asking for complete power of the debt ceiling. " And someone else, will say "racist" and we will all laugh. The racist stuff is a sad, weak way of arguing. But, lets see if you are capable of stringing together a thought process of your own.
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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