Governor, Unions Reach Deal

Governor Malloy today announced an agreement with state employee unions on concessions needed to balance the state budget, reform long-term government spending habits and prevent widescale layoffs.
Over the next 20 years, the Governor said, the deal will save taxpayers $21.5 billion. Structural savings will come in the areas of healthcare and pension benefits, and wages.
 “In the short-term, over the next two years, this agreement will save taxpayers $1.6 billion,” he told an afternoon press conference at the Capitol.
“The remaining $400 million we need to balance this budget will come from a mix of additional spending cuts and existing budgeted revenues.”
The Governor told reporters there would be no other tax increases than already included in the new, two-year state budget.
Nor will there be the massive layoffs of state employees he said would happen without the union deal. 
Here is the Governor’s complete statement.
The agreement must now be ratified by 13 of the 15 state employee unions.