Gov. M. Jodi Rell last week proposed a deficit mitigation plan to close a nearly $470 million gap in Connecticut’s current 2010 fiscal year. The plan includes agency and program cuts, fund sweeps and $84 million of cuts to aid to municipalities. Legislative approval will be required for $116.3 million of the proposed cuts.

“It is deeply painful even to suggest these cuts — and yet they are unquestionably necessary,” Rell said in a press release. “State government cannot afford, literally or figuratively, to allow this budget — which has only been in effect a few short months — to grow any further out of balance.”

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.