“This is not a deficit…It’s a shortfall” - Governor Malloy 11-15-2012 - Wait, What?

“This is not a deficit…It’s a shortfall” - Governor Malloy 11-15-2012 - Wait, What?:

“This is not a deficit…It’s a shortfall” – Governor Malloy 11-15-2012

by jonpelto

No, this is not a segment on the Daily Show, although it is certainly worthy of what John Stewart and his team of award winning writers come up with.

Let’s take a step back, a deep breath and try this again…

What we do know is that Connecticut is facing a “fiscal problem.”

The Governor proposed, the Legislature passed and the Governor signed a state budget into law.

Now, state revenue is coming in below what was projected.

And state expenditures are higher than what was projected.

Those two developments create a problem.  For now let’s call the problem a “gap.”

On November 1, 2012 the Malloy Administration said the gap was $60 million dollars.