Comptroller Confirms Deficit Projections

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.)

blog comments powered by Disqus
WTIC Holiday Stores 2015
The Latest UConn News

Listen Live