Rell Issues Deficit Mitigation Plan

The press release is below.  The plan itself is attached.  Here’s some instant Keating analysis.

Rell’s Plan

UPDATE: Here’s a response from Don Williams.

Statement from Senate President on mitigation plan

“The review of the budget mitigation plan will begin immediately. One thing remains clear: real spending cuts will be necessary to help balance the budget. It is also critical that we take action to grow and protect jobs – something that has a direct impact on tax revenues and the deficit. I look forward to working with my colleagues in the General Assembly and the governor on both of these important issues.”

FOR IMMEDIATE RELEASE             CONTACT: Rich Harris, 860-524-7313

March 1, 2010                                                                  rich.harris@ct.gov

Statement of Governor M. Jodi Rell on

New Deficit Mitigation Plan

Governor M. Jodi Rell today issued the following statement on her latest deficit mitigation proposal to the Connecticut General Assembly:

“Connecticut faces a current budget deficit estimated by my office of Policy and Management at $503.9 million – a figure that is only likely to grow, in view of Connecticut and the nation’s agonizingly slow recovery from this economic downturn. This deficit must be eliminated now through swift and decisive action. We cannot afford to wait and hope or to count on future revenues that no one is certain we will collect.

“The plan I am proposing not only eliminates the current deficit but makes much-needed structural reforms that will improve our prospects for long-term recovery. If we do not act now, any short-term cuts we manage to make will be overwhelmed by the inexorable growth of state spending.

“These choices may not be easy – but they are necessary. These choices may not be pleasant – but they are crucial. These choices may not be politically popular – but they are the right choices to make.”

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