Programming Note: President-elect Donald J. Trump will take the oath of office as the 45th President of the United States today; listen to the inauguration ceremony live from 11:30am - 1pm on WTIC NewsTalk 1080. Read More

State Budget Deficit Projected At $415 Million

HARTFORD, Conn. (AP) _ State Comptroller Kevin Lembo says the state budget deficit will reach at least $415 million when the fiscal year ends next June.

Lembo released his new estimate Monday and informed Gov. Dannel P. Malloy that the deficit exceeds 1 percent of total general fund appropriations. The benchmark requires a deficit reduction plan within 30 days.

The state Office of Policy and Management has estimated the deficit at $365 million. Lembo says the difference is due to different projections for higher education spending. This year’s state budget totals $20 billion.
Officials attribute much of the deficit to higher Medicaid costs.

Malloy has announced $170 million in spending cuts. Lawmakers are expected to take up the deficit at a special session.

Connecticut GOP chairman Jerry Labriola Jr. said the deficit reflects Malloy’s “gross mismanagement.”

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

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Connecticut

The Latest UConn News
CT Business Spotlight

Listen Live