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Legislative Office: CT Budget Deficit Nears $150 Million

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Connecticut State Capitol - Hartford, CT - File / Photo: Connecticut General Assembly and the League of Women Voters of Connecticut Education Fund, Inc.

Connecticut State Capitol – Hartford, CT – File / Photo: Connecticut General Assembly and the League of Women Voters of Connecticut Education Fund, Inc.

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HARTFORD, CT (AP / CBSNewYork) - Budget analysts in the Connecticut legislature say state government’s deficit is approaching $150 million.

WCBS 880 Connecticut Bureau Chief Fran Schneidau On The Story

The legislature’s nonpartisan Office of Fiscal Analysis said late Wednesday that it projects a $144.5 million state budget deficit. It does not reflect spending cuts of nearly $79 million ordered by Gov. Dan Malloy after learning that state revenue for the fiscal year that ends June 30 is expected to decline by about $95 million.

Republican St. Sen. Andrew Roraback, a member of the legislative finance committee, believes this latest projection is tied to the recent Moody’s downgrade of Connecticut’s obligation bonds.

“They understand that we haven’t bitten the bullet and made the hard decisions that will make us credit-worthy into the future,” he told WCBS 880 Connecticut Bureau Chief Fran Schneidau.

Budget analysts say the deficit is due to that revenue decline and higher spending totaling $131 million.

Senate President Pro Tem Donald Williams Jr. said the budget will be balanced by the spending cuts ordered by Malloy and other savings that the legislature will enact if necessary.

A spokesperson for Gov. Malloy says the governor has not yet analysed this latest deficit projection from the Office of Fiscal Analysis.

What do you have to say about the situation? Sound off in the comments section below!

(TM and Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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