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Connecticut is beginning to quantify the effect of the Wall Street crash.  The Governor’s office now says the state budget deficit estimate stands at $300 million.

The deficit estimate has doubled since last month, after a $75 million drop in personal income tax collections.  Much of that can be attributed to a fall off in income and bonuses for those who live in Connecticut and work on Wall Street.  

Governor Jodi Rell says she’s considering further cuts to the budget.

"That income may be derived from Wall Street but it is spent in our state, and we’re very concerned, there’s going to be a big fallout from a lot of that.  To that end, I have already cut as you know about 140 million dollars in recissions, cutting the budget back, scaled it back.  If this continues then we will actually have to put a plan together to present to the legislature to show how we will close the budget deficit."

Revenue from other taxes including the sales and cigarette taxes has slowed considerably, and the state is projecting it will see a 20 million dollar drop in receipts from its share of slot revenues from the two tribal casinos.