Gov. M. Jodi Rell last week projected that Connecticut’s budget deficit has risen to more than $356 million due to falling tax revenues. Last month Rell projected a $300 million deficit for fiscal 2009, which began July 1. The state will convene a special session today to cut spending.

“The situation is serious and, as both state and federal economists have warned, it is going to get worse before it gets better,” Rell said in a press release. “It is vital that the legislature use the special session on Monday to act on the plan I have submitted to reduce state spending, and that legislative leaders continue working with me to identify additional areas to save. This is a time for leadership — no program, no constituency, and no project can be held sacred.”

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.