Tag: Connecticut Business & Industry Association

Dueling Economic Narratives: Connecticut Dems Vaunt Higher Credit Rating; GOP Cites Poll Showing Residents Unhappy with Economy

Bradley Vasoli

While Democratic officials met news of Connecticut’s boosted credit rating effusively on Tuesday, Republicans drew attention to new survey results showing on-the-ground feelings about the economy overall aren’t so rosy.

Standard & Poor’s (S&P), a major New York City-based credit-rating agency, assigned the state’s general-obligation bonds a “positive” outlook; before the rating was merely “stable.” S&P attributed its upgrade to the state projecting it will accumulate a $3.31-billion fund balance in the next fiscal year, amounting to 15 percent of appropriations.

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Connecticut Legislative Intervention Sought to Repay Pandemic Unemployment Loans

The Center Square

Connecticut businesses are on the hook for $463 million in unemployment assistance the state owes to the federal government.

As the state’s businesses are facing higher taxes and additional assessments this fall, the state is eyeing a repayment of nearly half of the $900 million it borrowed, according to a report by the Connecticut Business & Industry Association, to cover record unemployment claims throughout the COVID-19 pandemic.

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