Connecticut Governor Dannel Malloy said on Wednesday that the state would use its rainy day reserve money, spending cuts and one-time transfers from other funds to close a $390 million revenue shortfall this year after income tax collections sank.The plan "requires actions we would all prefer to avoid," Malloy said in a letter to legislators.On May 1, Malloy's budget director Benjamin Barnes warned that total revenues were $409.5 million lower than projected just 10 days before on April 20.
Equivalent to California coming up about five billion short, all hell would break loose among the unions, likely through the nation into recession.
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