Login  /  Register  | 3 premium articles left before you must register.

Malloy approves temporary $550 million credit line

Associated Press

Publication: theday.com

Published December 05. 2012 8:00AM   Updated December 05. 2012 8:41AM

HARTFORD, Conn. (AP) — Gov. Dannel P. Malloy has authorized $550 million in temporary lines of credit at the request of the state treasurer in case the state needs cash to pay its bills.

Treasurer Denise Nappier says state government is facing reduced cash levels and obtaining credit lines is a precautionary measure. Malloy's authorization doesn't mean money from the credit lines will be used.

The Democratic governor's approval comes as state Comptroller Kevin Lembo is projecting a $415 million deficit in this year's $20 billion state budget. The shortfall estimate is $50 million higher than the one by the Malloy administration.

Republican lawmakers say they're against borrowing money to pay operating expenses. They say they've been questioning the adequacy of the state's cash reserves for months.

News by Town

Most Recent Poll
The 'grinding' dance style has sparked controversy at East Lyme High School. Should this form of dancing be banned at school dances?
Yes, it's highly suggestive and inappropriate at a school function.
60%
No, teens will be teens. A ban would just encourage them more.
35%
What's grinding? The Charleston is the last dance I learned.
5%
Number of votes: 1118

No current items found