Malloy budget tackles deficits by boosting tax revenue and spending cuts

HARTFORD, Conn. – Gov. Dannel P. Malloy presented the legislature with $40 billion budget proposal Wednesday that boosts tax revenue by $900 million and cuts $1.3 billion in state spending to address more than $2 billion in projected deficits.

“The budget I present to you is filled with tough choices,” the governor told a joint session of the legislature during the first budget address of his second term. “The vast majority of these cuts are choices that, under ideal circumstances, Connecticut would not have to make.”

The budget eventually negotiated between the administration and the legislature must close a projected deficit of more than $1 billion in each of the next two years.

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