Budget director: Not time to tap into 'rainy day fund'

Gov. Jodi Rell's budget director says the existing budget can serve the state's needs over the next year, even though it's not a pretty picture.

The state currently has about $1.4 billion stored in a "rainy day fund." Budget director Bob Genuario says it's not yet time to dip into the fund.

"We're in much better position than most other states as a result to weather an economic storm, but you can't utilize it at this point," he says.

With less than a week left in session, legislators have come under fire as the state falls further into the red. Since the session's start, the state has gone from a 3-digit surplus to a deficit.

The state comptroller estimates Connecticut's deficit at around $70 million, while Rell says it is closer to $19 million.

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