Democratic Gov. Ned Lamont and Democratic legislative leaders say they've reached a "handshake agreement" on a new two-year state budget.
Only a few details were revealed Thursday during an announcement in Lamont's office. Lawmakers say the agreement still needs to be drafted. Democratic lawmakers, who control the General Assembly, say they're confident the bill can be approved before the regular legislative session adjourns on June 5.
Lamont says the roughly two-year, $40 billion deal does not increase income tax rates. It also doesn't include a proposed capital gains tax.
“We inherited a budget deficit of over $3.5 billion in the next biennium and we’re going to get a budget that’s balanced without raising tax rates on anybody," Lamont said.
The deal, however, does apply sales taxes to some new goods and services.
The new budget will include more money for the state’s poorest school districts, the creation of a teacher’s pension reserve, and preserves the rainy day fund, according to Lamont.
Unlike the previous two years, when Republicans held more seats in the House of Representatives and Senate, the GOP has not been part of these final budget talks.
“Our opportunities will come at a different time so rather than put us in the front of the process where we can give meaningful input, they would rather have us come out afterward and criticize their bad policies, which we’re willing to do," said Rep. Vincent Candelora (R-North Branford).