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

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

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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