Chafee addresses budget deficit

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December 15, 2010

PROVIDENCE, Rhode Island: Lincoln Chafee will be sworn in as the new Governor of Rhode Island on January 4, 2011.[1]

Chafee, who ran as an Independent, will become the only governor in the country who is not a Democrat or Republican. With a glaring budget hole to fill, Chafee is planning to lead by example with responsible tax spending, starting with his own inauguration.

According to a statement from Chafee, the inauguration will "be modest and conducted within a framework of frugality."[1]

On December 17, Chafee will be holding a budget summit at Rhode Island College.[2] Chafee says creating a stable budget is essential for creating jobs and improving the economy.[3]

Rhode Island is projected to have a $4.7 million budget deficit for this current fiscal year. The fiscal year 2011-2012 budget is likely to have a $300 million deficit, as the federal stimulus dollars drop off.[4]

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