| State Senate Minority Leader John McKinney (R-Fairfield):
"The significant downgrade of Connecticut's bond rating is a direct result of the Democrats' overreliance on one-time gimmicks and borrowing to pay for excessive spending. By refusing to act with any sense of urgency to reduce the size and cost of state government, Democrats seem intent on leaving Connecticut in a perpetual financial crisis.
"On October 1st, the comptroller warned of a $500 million - $1 billion deficit. On October 19th consensus forecasting projected a $168.4 million revenue shortfall for the current fiscal year. On October 21st, the Office of Policy and Management projected a $388.5 million deficit. On top of that, Connecticut lost 6,600 jobs in September and unemployment stands at 8.4%. Democrats cannot ignore this reality any longer. Legislative Republicans stand ready to work on a deficit mitigation plan that finally makes the difficult spending reductions we all know are necessary."
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