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Gov. Malloy Promises No New Taxes Amid Projected Half Billion Dollar Revenue Deficit

Malloy: 'We Have To Live Within Our Budgetary Limitations'
Connecticut Gov. Dan Malloy (file / credit: MANDEL NGAN/AFP/Getty Images)

Connecticut Gov. Dan Malloy (file/credit: MANDEL NGAN/AFP/Getty Images)

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HARTFORD, Conn. (CBSNewYork) – Connecticut’s budget chief has forecast a half-billion dollar hit to projected revenues over the next two years.

Connecticut’s new fiscal year, which begins on July 1, will bring a two-year budget that’s $500 million short of expectations.

Lower than anticipated revenue is to blame, according to Office of Policy and Management Secretary Benjamin Barnes.

LINK: Conn. FY 2014-2015 Budget Highlights (pdf)

Gov. Dannel Malloy addressed the projected shortfall on Tuesday evening before a town meeting in Norwalk.

“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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