Connecticut governor seeks cuts, labor savings, to close budget hole

In his $18 billion general fund spending plan for 2018, Malloy also proposed roughly $320 million of revenue generators to close the gap, including the elimination of property tax credits on personal income taxes. "These cuts are not made lightly," Malloy said. Connecticut has been daunted by slow revenue growth as fixed costs, including for public pensions hit by poor investment returns, continue to balloon.