Briefly: Underwhelming tax revenue projections feed growing State deficit

Gov. M. Jodi Rell announced Tuesday that the state budget deficit swelled to nearly $922 million, after quarterly estimates for income tax payments fell severely short of projections. The most recent estimated income tax payments came in at 20 percent below expectations, a trend, according to the Office of Policy and Management, that will total to two-thirds of a billion dollars of lost tax revenue at the end of the year. “The last three months of 2008 — the job losses, the slump in sales, the concern in the eyes of Connecticut’s working men and women — have been an extraordinarily difficult time,” Rell said in a statement. “State government must be limited, especially in times such as these, by what the people who pay its bills can afford.”

Comments

  • Robert

    “State government must be limited, especially in times such as these, by what the people who pay its bills can afford.”
    What an extraordinarily perceptive statement by Gov. Rell.
    Extraordinary for her, at least; anyone else on the planet could have told her when income is cut, spending must be cut.