Connecticut's lawmakers, like students cramming for final exams, approved a two-year, $40.3 billion budget a half-hour before Wednesday's midnight constitutional deadline, after pulling an all-nighter the previous evening.
The spending plan received narrow approval from both chambers. The Senate passed it 19-17 around 11:30 p.m. The House of Representatives had approved it 73-70 after an overnight session that ended at 10:30 a.m. Wednesday. Democrats control both chambers and Gov. Dannel Malloy is also a Democrat.
The spending plan, which Malloy is expected to sign, would raise taxes on businesses and the state's most wealthy residents. The budget exceeds Malloy's earlier proposal by about $152 million. Malloy left the capitol building around 11 p.m. and did not address the legislature. He scheduled a press conference for Thursday morning.
Transportation infrastructure is a significant component in Malloy's budget. It called for $2.8 billion in infrastructure over five years and propels his 30-year, $100 billion transportation initiative.
"Connecticut residents deserve no less than the best statewide transportation system in America - and that's what we plan to give them," he said.
The final budget maintains the controversial so-called unitary business-tax calculation that prompted objections from General Electric Co. and Aetna Inc., among other corporate behemoths. GE and Aetna said they would reconsider staying in Connecticut.
Republicans were upset over the process as well as the budget itself.
"The budget began with special interest deals behind closed doors. It is now ending with a vote negotiated behind closed doors, in the hallway and on the floor - shaped by deals made in exchange for votes," said Sen. Len Fasano, R-North Haven. "The budget, the implementer and future bonding agendas will disclose the real truth."
Moody's Investors Service rates Connecticut's $15 billion of general obligation debt Aa3.
Fitch Ratings, Standard & Poor's and Kroll Bond Rating Agency rate the bonds AA.
