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Connecticut voters face the prospect of another high-priced election with the reemergence of businessperson Bob Stefanowski, the Republican candidate for governor in 2018, who announced Wednesday he is running again and is spending at least $10 million of his own money this time.

Stefanowski hopes to defeat his former political rival, Democratic Gov. Ned Lamont, a wealthy businessperson who spent more than $12 million of his own money on his 2018 campaign. Stefanowski’s campaign spent nearly $6 million that year, with roughly half coming from the candidate.

“I’m running because I fundamentally believe that by working together, we can change Connecticut,” Stefanowski said in a written statement. “I’m running for Governor to make government work for the people of Connecticut, not political insiders.”

A campaign spokesperson said that in addition to Stefanowski’s “initial investment” of $10 million, the campaign is planning a “robust fundraising program.”

Lamont has so far set aside about $210,000 of his own money for his reelection, a figure that’s sure to skyrocket in the coming months. When asked Wednesday how much he is prepared to spend, Lamont skirted the question but said he doesn’t think it has to be campaign spending “arms race.”

“I don’t think it has to be that at all. I think if we stick to our message, keep it positive, talk about what you want to do for the state of Connecticut, in my point of view how we build on the very positive momentum we’ve seen in the last three years, it doesn’t have to be an arms race,” Lamont said.

A former GE executive and onetime head of a payday loan company, Stefanowski spent much of his own money early on, skipped the party convention process in 2018, and became the first major-party candidate in Connecticut history to win a nomination after getting onto the ballot through petitions. He ran ads promising, among other things, to eliminate the state’s income tax.

This time, in a statement released Wedneday, Stefanowski said he is running to address basic issues facing Connecticut voters, including affordability and public safety.

“People in Connecticut are not asking for a lot,” he said. “They want to be safe, to trust that state government is being open and accountable, and to be able to afford to live, work and retire here.”