CBIA: Session Ends with Bipartisan Budget, Challenges Remain
While the bipartisan budget agreement passed shortly before the General Assembly’s May 9 deadline deals with some of the state’s immediate fiscal problems, severe challenges remain.
“Connecticut’s economy, though showing recent signs of improvement, is still not growing at the rate of other states in the region,” said CBIA president and CEO Joe Brennan.
“We consistently hear from our members that a major cause of substandard growth is the state’s precarious fiscal situation.
“The lack of progress on the more serious short- and long-term financial problems facing the state means that these issues will continue to impact our ability to attract investment and jobs here.
“The report from the Commission on Fiscal Stability and Economic Growth released earlier this year showed in stark terms how the state’s recurring deficits and unfunded long-term liabilities are suppressing economic growth.
“While there was controversy around some of the commission’s recommended solutions, the problems the commission highlighted are not going to go away.
“The revised budget adopted last night calls for further study on some of the commission’s recommendations that will hopefully prepare the 2019 General Assembly to take the difficult but necessary steps to tackle the state’s fiscal challenges.
“In addition to the budget, the legislature also adopted several positive measures that will help grow our economy and avoided adding new costs and administrative burdens on employers.
“We thank both Democratic and Republican legislators and the Malloy administration for their hard work this session.
“Now, as we pivot to election season, it’s critical that voters get to know their candidates and choose those who recognize the urgency needed to aggressively attack our state’s most pressing economic problems.”
CBIA is Connecticut’s largest business organization, with thousands of member companies, small and large, representing a diverse range of industries from every part of the state. For more information, please email or call Meaghan MacDonald (860.244.1957).
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