HARTFORD – State Rep. Dave Yaccarino joined the Republican caucus today in putting forth a more fiscally responsible budget plan; one that would ideally negate the gimmicks that flow freely throughout the Democratic Budget. The Republican budget proposed stays within the constitutional spending cap, cuts government bureaucracy and would provide towns and cities with $26 million in additional aid.
The budget put forth by the Republican caucus comes as a vital fix, since the adjustments made by the Democrats have not sufficed. More importantly, the Republican budget fix is the only one that will reduce the projected two-year $2 billion budget deficit.
State Rep. Dave Yaccarino said, “This alternative approach is honest and transparent. The budget we have put forth serves as a fix to what Democrats have done with years of irresponsible spending and increased taxes. This is our way of doing what is right for the people of the State of Connecticut and keeping the promises Gov. Malloy initially said he would.”
The Democratic budget is filled with $677 million worth of gimmicks that include: delaying payment on $196 million in Economic Recovery notes, raiding off-budget funds such as the Tobacco Health Trust and eliminating the Municipal Revenue account. On the contrary, the Republican budget pledges to stay under the spending cap, keep promises and provide relief for the people of the State of Connecticut.
Some of the state’s excess revenue will be used to properly pay for much needed programs:
- $196 million to pay off Economic Recovery Notes in order to reduce long term debt that Democrats have delayed
- $133 million to accelerate the sales tax exemption on clothing and footwear under $50
- $60 million to eliminate to the surcharge businesses pay for interest on money borrowed for the state’s unemployment insurance fund
- $100 million to shore the state employee pension funds.
- A phased-in exemption of all pensions from the income tax, starting at 5 percent.
The Republican plan adds $35 million in Critical Program Funding, including:
- restoring $9 million to the retired teacher’s health care plan
- a 1 percent cost of living increase for home health aides
- $15 million to maintain primary care provider rates.
- Adding DSS staff to ease client waiting lists for $4.4 million
The Republican budget fix eliminates Gov. Malloy’s plan to give Connecticut residents $55 rebate checks just months before the election, and it halts Keno gambling before it gets started in Connecticut bars and stores.
The state’s excess revenue to be used responsibly:
- $196 million to pay off Economic Recovery Notes in order to reduce long term debt that Democrats have delayed
- $133 million to accelerate the sales tax exemption on clothing and footwear under $50
- $60 million to eliminate to the surcharge businesses pay for interest on money borrowed for the state’s unemployment insurance fund
- $100 million to shore the state employee pension funds.
- The remaining excess funds would be used to pay down debt and go into the state’s Rainy Day Fund under the Republican plan.
“The Democratic budget along with the Governor’s budget would continue to take the state of Connecticut in the wrong direction; one that inevitably leads to an increase in taxes with no projection of jobs, which the governor claims the $55 rebate checks would do. We need to take the state of Connecticut in the right direction. The Republican budget takes into account what is in the best interest of taxpayers who have been funding the Democratic budget and Malloy’s spending for years and does so by being fiscally responsible, honest and transparent” Yaccarino said.