Connecticut’s governor has called for virtually wiping out the state’s rainy-day fund. The mayor of its state capital is putting out feelers for bankruptcy counsel. Legislative gridlock persists as thousands of state employees face layoffs.

Bond rating agencies have hammered both the state and capital city Hartford over the past year. Fitch Ratings on Friday dropped Connecticut's issuer default rating to A-plus from AA-minus, the first to move the state out of the double-A category.

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