HARTFORD - Less than two hours after being sworn in as the 88th governor of Connecticut, former Stamford Mayor Dan Malloy (D-Conn.) delivered his first State of the State address.

Malloy addressed a joint session of the General Assembly in the House chamber where he discussed the state's nearly $4 billion budget deficit for the next fiscal year.

Despite the state's financial woes, Malloy remained upbeat, saying "I believe that Connecticut's best days are ahead if we join together in what must be a shared, emerging movement for rational, honest, achievable change."

Malloy also warned of deep cuts in spending and said he has not ruled out raising taxes as a way to partially balance the budget.

The governor will present his budget proposal on Feb. 16. He and the Legislature will then have until June 8, when the session ends, to reach an agreement.

VIDEO: Gov. Malloy's State of the State addressDan Malloy sworn in as Connecticut's 88th governor