State budget in the red $275 million

EAST HARTFORD, Conn. (WTNH) -- The state budget deficit is now over a quarter of a billion dollars and growing.

Earlier this year the Governor was bragging that he had solved the multi-billion dollar deficit problem he inherited, but now it appears the solution is not working.

The General Assembly Session ends on May 9, the state budget year ends in 60 days and all red ink estimates are in that same quarter billion dollar range.

With just eight days remaining in the assembly session the news just keep getting worse everyday for Governor Malloy's budget. His own office pegs the red ink at $275 million and Republicans are saying he is still ignoring severe budget storm warning signs.

"He's been in denial since January when all of the signs were pointing to less revenue, not the savings he opted to achieve and more spending, which all adds up to deficit," said Rep. Larry Cafero.
      
Despite the nearly across the board tax hikes last year, both the income tax and the sales tax are not generating the cash flow he was expecting to operate the state.

"Listen, I wish the economy was growing a little bit more rapidly, we got some number of days left and we'll do everything we can to squeeze that, what is basically a revenue problem, down," Malloy said.

Republicans say the only solution they've heard from the Governor's budget office so far is something he said he would never do and something he has repeatedly criticized his predecessor for doing.

"Sadly, Governor Malloy wants to borrow over 200 million dollars in order to pay for current operating expenses," said Sen. John McKinney.

"It's a break, first of all, all his campaign promises, not to use gimmicks, not to borrow for operating expenses, it's all happened," Cafero said.
      
The Governor's budget director says lawmakers will receive a formal plan within the next few days.

The budget forecast for next year is even more dismal with Republicans saying the only way Malloy can keep the spending promises he's made is to increase taxes again.
      
Malloy said on Tuesday that is not going to happen.