Lamont to cancel tax relief, seek labor savings to shrink $2B deficit in July
Gov. Ned Lamont warned Friday he will cancel tax relief and impose $400 million in emergency spending cuts to mitigate the multi-billion-deficit projected for the upcoming fiscal year.
Lamont also hinted he is considering both a gasoline tax hike to bolster transportation funding and another round of state employee givebacks — though he later deflected questions about both subjects.
“The numbers are sobering,” Lamont said during a televised, mid-morning press conference one day after analysts projected state revenues would decline a staggering $7 billion between now and mid-2023.
That translates into a $934 million deficit this fiscal year, a $2.3 billion gap in the budget that begins July 1, and $2 billion-plus shortfall in both the 2021-22 and 2022-23 fiscal years.
Read more: https://ctmirror.org/2020/05/01/lamont-to-cancel-tax-relief-seek-labor-savings-to-close-2b-deficit-in-july/