Conn. Comptroller Lembo Projects $7 Million Budget Deficit
Connecticut Comptroller Kevin Lembo is projecting a $7 million deficit in the state’s 2-year, $40 billion budget when the current fiscal year ends in June.
Lembo released the projection earlier this week. He warned that revenues may continue to drop because of stock market declines and a slowdown of the global economy.
Lembo projects the deficit for the next fiscal year to be half a billion dollars.
He said he believes Democratic Governor Dannel Malloy’s administration can address the deficit with reduced spending.
The General Assembly came back for a special session in December to deal with a shortfall in the state budget.
State House GOP Leader Themis Klarides said she’s worried the budget deficit has grown since then.
“We are now in a bigger deficit than we were a month ago when we were in special session,” Klarides said. “That’s how bad it’s gotten. This has gotten to be almost a monthly deficit, and my fear is that it will become weekly or even worse.”
Malloy is scheduled to give his budget address to the General Assembly today at noon.