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Malloy Says State Debt Is Down From 2011

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State budget

HARTFORD, Conn. (AP) _ Gov. Dannel P. Malloy is defending the amount of borrowing his administration has made, saying Connecticut’s overall indebtedness is slightly less than when he took office in 2011.

The Democrat responded to concerns raised Friday by two Republican members of the State Bond Commission, which Malloy chairs.

North Branford Rep. Vincent Candelora said that despite efforts to pay off projects more rapidly, he’s worried about the state’s capacity to borrow and how that affects cash flow.

He said the amount of projects waiting for funding has roughly doubled since fiscal year 2011, from $3.1 billion in allocations to $6.1 billion today.
Malloy said he’s made sure to direct state bonding to projects that create jobs. He also said the state’s total indebtedness was $19.97 billion in December 2010, compared to $19.76 billion today.

                                                                                                                    
(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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