State of Connecticut

Budget secretary Benjamin Barnes' latest revenue estimate comes two weeks after lawmakers passed a $41.3 billion biennial spending plan.

The governor's action ends a five-month impasse over the biennial spending plan, though work remains at the state capitol.

The House and Senate actions place the ball in the court of Gov. Dannel Malloy, who was sidelined during the negotiations.

The state Senate could bring the spending plan up for a vote that could help end a nearly five-month impasse.

Treasurer Denise Nappier called for sound bond-cap provisions, full funding of ARCs and adherence to a 2008 pension bond covenant.

Few details have emerged yet about a tentative state budget deal that might help the capital city dodge bankruptcy.

Moody's Investors Service placed 29 cities and school districts on review for downgrade.

S&P Global Ratings said it revised its outlook on the state of Connecticut's approximately $19 billion general obligation debt outstanding to negative from stable. At the same time, S&P said it affirmed the A-plus rating on the state's GOs.

The Connecticut Education Association seeks an injunction, calling the governor's executive-order cuts illegal.

Luke Bronin called the latest multiple-notch downgrades no surprise.