“I'd rather be where we are compared to other states,” Lembo said.
On Thursday, Lembo, along with People’s Bank Executive Vice President John Traynor, addressed the Chamber of Commerce of Eastern Connecticut in a virtual meeting on the state of Connecticut’s economy.
When the COVID-19 response first began, the state’s deficit ran from between $100 million and $200 million to close to $1 billion in a month’s time. Lembo said it would have been easy for people to aggressively cut back on programs, but through only some cutbacks and federal funds, the 2020 budget ended with a small surplus, which was good when concerns were more focused on programs to address the virus, itself.