HARTFORD, Conn. (CBSNewYork) – After record tax hikes last year, Connecticut residents are scratching their heads over the news that tax revenues are falling short and partly to blame for a deficit now projected at $415 million.

WCBS 880 Connecticut Bureau Chief Fran Schneidau On The Story

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So, while residents are paying more through a range of everyday taxes, they next will see big cuts and state programs and services, according to Republican House Minority Leader Larry Cafero.

“We’re facing our own fiscal cliff. We saw it coming, many of us did,” he said.

State leaders will head into a special session to tackle the growing deficit.

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“My goal at this bipartisan table is to focus all of our attention on cutting spending,” Cafero told WCBS 880 Connecticut Bureau Chief Fran Schneidau.

Gov. Dan Malloy has already authorized a $550 million loan to help pay the state’s bills if necessary. Malloy has also already ordered $170 million in spending cuts.

“We have to reduce the size of government. We have to cut spending,” Cafero said.

He said that for this year’s budget alone, cuts to to tune of $200 million must be made, on top of the $170 million in cuts made by Malloy.

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