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Posted: 6/6/2010 5:01:43 AM EDT
[Last Edit: 6/6/2010 5:02:36 AM EDT by VooDoo3dfx]
Connecticut is preparing to borrow $956 million to close a budget gap in the fiscal year beginning deficit of $947.6 million. Not good. Fitch has reduced the states credit rating from AA+ to AA“The downgrade reflects the state’s reduced financial flexibility, illustrated by its reliance on sizable debt issuances during the current biennium to close operating gaps in the context of already high liabilities,” Fitch said Connecticut is the wealthiest state on a per capita basis with personal income of $54,397 in 2009 according to Department of Commerce.


http://www.economicpolicyjournal.com/2010/06/rating-cut-by-fitch-on-wealthiest-us.html
Link Posted: 6/6/2010 5:02:59 AM EDT
You call that a deficit?  

Link Posted: 6/6/2010 5:17:32 AM EDT
Originally Posted By gonzo_beyondo:
You call that a deficit?  


I guess in relation to the overall state budget / economy it is.
Link Posted: 6/6/2010 6:33:26 AM EDT
Originally Posted By gonzo_beyondo:
You call that a deficit?  


So you don't think a billion dollar deficit for a state operating budget is a big deal. That doesn't even include all the bonds outstanding for all kinds of construction projects. That is just the operating budget deficit.
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