Connecticut Gov. M. Jodi Rell last week proposed a mix of cuts, fund transfers and deferred payments to close a $503.9 million current year budget deficit. The largest revenue measure proposed was the acceleration of a $219.2 million transfer from budget reserves that had been slated for fiscal 2011.

“The plan I am proposing not only eliminates the current deficit but makes much-needed structural reforms that will improve our prospects for long-term recovery,” Rell said in a statement. “If we do not act now, any short-term cuts we manage to make will be overwhelmed by the inexorable growth of state spending.”

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.