Social Networks We Use

Categories

CT Tech Junkie Feed

Connecticut Consumers to Begin Receiving E-Book Settlement Refunds
Mar 25, 2014 4:09 pm
Connecticut residents will start receiving refund checks or credits this week for e-books purchased between April 1,...more »
Like New Jersey, Direct Retail Sales of Tesla Automobiles Not Allowed in Connecticut
Mar 19, 2014 12:24 pm
The Connecticut Department of Energy & Environmental Protection is co-sponsoring a contest for the auto dealership...more »

Our Partners

˜

Cutting $3 Billion From a Budget Without Raising Taxes Is Easy

by Christine Stuart | Sep 9, 2010 6:17pm
(7) Comments | Commenting has expired
Posted to: Election 2010

Christine Stuart photo

Tom Foley watches Mitt Romney address the crowd

GREENWICH—Former Massachusetts Governor and possible 2012 presidential candidate Mitt Romney said he and Republican gubernatorial candidate Tom Foley have a lot in common.

Aside from their similar business backgrounds and the fact that they’re Republicans living in Blue states the problems Foley would face as governor are similar to ones Romney has already stared down in Massachusetts.

Romney told a crowd gathered at Redmen’s Hall in Greenwich Thursday that when he first took office back in January 2003 he inherited a $3 billion budget deficit. Connecticut’s next governor will inherit a $3.4 billion budget deficit.

“I know a lot of folks think it’s impossible to close a budget gap that big,” Romney said. “I’d done the same thing Tom has, I’d said that I would balance the budget without raising taxes and without cutting vital services.”

He said when he got into government and got a look at the “waste and inefficiency,” it was “a lot easier than I expected.”

But a previously enacted $1.3 billion capital gains tax increase and $500 million in unanticipated federal grants knocked Romney’s budget deficit to $1.2 billion during his first year in office. And instead of supporting tax increases Romney with the help of a Democrat-controlled legislature raised fees on everything from driver’s licenses to gasoline.

While the debate over tax or fee increases may boil down to semantics, Foley told his supporters again Thursday that he will not raise taxes if elected governor.

“I have a plan for erasing that budget deficit without raising taxes,” Foley said.

Foley’s opponent, Democratic gubernatorial nominee Dan Malloy, said Wednesday that the numbers aren’t adding up. On Wednesday Foley said he would cut the budget by $2 billion, but both Malloy and Foley agree the deficit will be $3.4 billion, so where’s the other $1.4 billion?

Foley said the $1.4 billion will come from an increase in money the state receives from the federal government and an increase in revenues the state will see when the economy recovers. He said he doesn’t think the state has to reduce expenses by the whole $3.4 billion because there are other sources of revenue.

“The forecast that’s in the current budget projection for 2012 I think I can beat by doing more things than Dan Malloy will do to bring back jobs and the economy,” Foley said.

Asked if he thinks it will be as easy as Romney said it would be Foley said “absolutely.”

“I love this race because there is such a difference between me and my opponent Dan Malloy,” Foley said.

Yesterday, Malloy said that if Foley thinks it will be easy to balance the budget then he’s simply not telling the truth.

“These are difficult times, and I’m not willing to make any promises I can’t keep as Governor,“ said Malloy. “What I can promise is an honest discussion of where we stand.“

Foley and Malloy agree that more honesty needs to be brought to the budgeting process. Foley said that he’s all for switching to GAAP accounting to ensure the “game playing that’s been happening with the budget stops.”

Malloy has said the first thing he would do after being sworn into office is mandate all state agencies adopt GAAP accounting so the state has a better idea of its finances.

Fundraising

Romney wasn’t in Greenwich Thursday just for a brief rally at a fraternal organization. He was there to help Foley raise some money for the campaign.

Foley estimated Romney’s visit, which included lunch at the Greenwich Hyatt, will bring in at least $50,000.

Foley said the campaign, which includes his brief race for U.S. Senate, has raised about $2 million. He said they spent about $1 million in the Republican primary and doesn’t plan to be outspent by Malloy in the general election.

Malloy has received $6 million in public funds to challenge Foley under the state’s new public campaign finance system.

Foley who loaned his campaign about $3 million said he will throw more of his own money into the race if it’s necessary.

“Whatever it takes,” Foley said. “We’re not going to be outspent I can tell you that.”

Foley’s fundraising efforts may seem a little sluggish, but he said there aren’t a lot of people paying attention to the race just yet.

“A lot of people aren’t focused on politics in August so we weren’t focusing on fundraising,” Foley said. And in a state election individuals who donated during the primary campaign can’t contribute to the general election until after Aug. 10. At the federal level individuals are allowed to donate to both the primary and general elections before a candidate becomes the party’s nominee.

Tags: , , , ,

Share this story with others.

Share | |

(7) Comments

posted by: CT Jim | September 10, 2010  7:21am

Foley sure knows how to make cuts alright ask those poor workers at the BIBB corporation.
And thats just one othe companies that Tom the ripper has destroyed.
But while he bankrupted an entire town good ol Tommy the ripper made sure he paid himself handsomely so he could buy anther yacht to park down in the Cayman Islands were he hid his money from the taxman while the employees starved.
And for good measure while runnibg the ccompany into bankruptcy he stuck it to all the vendors costing thousands of other jobs and bankrupting scores of small businesses in the Ga area.
I’m sure he just leaned back in his $10,000 office chair and said “that was easy”
Tommy the ripper plans on ripping government apart chop it up and give the pieces to his Fairfield county buds where he will then transfer the treasury to them.

posted by: hawkeye | September 10, 2010  9:48am

CT Jim:

When someone is under the influence of alcohol or drugs, a false Democratic campaign ad about Tom Foley is believable,  And there goes the attack, name-calling again, with CT. Jims’ “brilliant” naming of Foley as: “Tom the Ripper!” 

posted by: Dempsey Dem | September 10, 2010  12:59pm

Okay…here’s the way we do it if we follow romney’s lead.  First ask the sitting (As in Jodi Rell to raise taxes 2 billion.  Then get 500 million from the feds.  Then raise fees (NOTE: These are not taxes)to cover the balance.

Wala…It’s done and taxes were not raised by Foley.

What we need is straight talk from someone who knows Connecticuts budget problems and is ready to be realistic about dealing with the defecit.  Let’s stop the pipedreams and get real.  Like, get Malloy to work i9n Hartford.

posted by: CT Jim | September 10, 2010  1:37pm

Hawky,
Those FACTS about Foley are far from false and have been proven and theres more to come as for your under the ifluence remarks I wouldn’t know who do you think I am the head of the CT Republican Party.
(if you want you can buy me a beer seeing your the one getting paid to do this.)

posted by: hawkeye | September 10, 2010  8:33pm

CTJim:

  Slow down on repeatedly, bad-mouthing Jim Foley! You are being “one-armed bandit!”

Since, I am not being paid to buy you a drink, ask Dempsey Dem to do it, as you both sound like you would make, great drinking buddies, sharing the same liking for political losers!

posted by: Dempsey Dem | September 11, 2010  2:32pm

All I did was apply Romneys gimmicks at his supposed balancing of the budget to Connecticut.  We have suffered from smoke and mirror budget balancing from both parties for too long.  I suggest you watch the second half of the State News Network (CT-N)broadcast of the fairfield County Business Conference to hear both candidates addressing the economy.  Malloys grasp of the problems, experience drawn as Stamford Mayor, and real and attainable goals shines through.

http://ctnv1.ctn.state.ct.us/C/cbia_candidates_9-8-10.wmv

posted by: hawkeye | September 12, 2010  1:14pm

Dempsey Dem: 

Your plug for Dan Malloy, is expected from a Democrat, however, the facts are, he did not do a good job, as Stamford Mayor, and he wants to run the State, the same way.

Malloy doesn’t need any money for his election campaign, as the Connecticut Democratic General Assembly, gave him an over $7 million dollar, free, election campaign donation, courtesy of our pressed state taxpayors, who deserved better.

Unfortunately, the benefit of having Democratic, state controlling lawmakers, only goes to Democratic politicians, like Malloy, who are always looking for a free hand-out!

Give credit to Jim Foley, for using his own money, for his election campaign, unlike the true taxpayer parasite, that Dan Malloy has demonstrated, he is!

Anyone voting for Malloy, should remember, that he is
not concerned with are $4. billion dollar State deficit, only spending from a deleted state treasury, for himself!