HARTFORD, Conn. (CBSNewYork) – Connecticut’s budget chief has forecast a half-billion dollar hit to projected revenues over the next two years.
Lower than anticipated revenue is to blame, according to Office of Policy and Management Secretary Benjamin Barnes.
“No new taxes. That’s it,” said Malloy. “We’re going to create jobs, we’re not going to raise taxes and we have to live within our budgetary limitations – that’s it.”
However, the current budget, which ends June 30, is expected to produce a surplus of at least $150 million. Gov. Malloy said he wants that money banked.
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