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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. 

Alexander B. C. December 07, 2012 at 04:13 AM
ROTFLMAO!!!!!!!!!!!!!!!!!!!!!! Not my governor. He belongs to the libtards.
DS December 07, 2012 at 11:17 AM
Nice.. This moron increased every possible tax he could when he became governor, and we STILL have a huge deficit.. Here come more tax increases !!! The state deseves evey screw job we get from this governor...You have to love the Democrats and how fiscally responsible they are. Why not lay off some of those overpaid under worked state employees... Like the ones on the highway that do minimal work and only cause traffic. the other day there were 6 trucks and about 10 workers blowing leaves on the merrit parkway- what a waste !! Malloy will go down as one of the worst govenors we've ever had.. but dont worry, the morons in this state will re-elect him !!
Brian Jones December 07, 2012 at 03:19 PM
Thanks to Bridgeport we have Malloy. Of course their record on putting electing great people in office can be put into words. Plus Malloy giving to the uions to get another 4 years in office. Don't we all wish would have job protection for 3 years.

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