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Comptroller Confirms Deficit Projections

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Kevin Lembo (Courtesy Office of the State Comptroller)

Kevin Lembo (Courtesy Office of the State Comptroller)

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HARTFORD, Conn. (AP) _ Comptroller Kevin Lembo is confirming projections that the state of Connecticut’s current fiscal year is projected to end at least $200 million in the red.

In a letter to Gov. Dannel P. Malloy on Tuesday, Lembo said he is projecting that the approximate $20 billion budget for the fiscal year ending June 30 is about $200 million in deficit. If accounting standards are used, Lembo said the deficit is $275 million.

Malloy, a Democrat, is expected to present the state lawmakers with a deficit-cutting plan in the coming days. Republican leaders said the growing deficit shows Malloy’s plan to raise taxes by $2.6 billion over two years is not working.

While Lembo said the deficit confirms Connecticut did not experience the anticipated short-term growth, there are some positive economic signs.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

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