Conn. Gov. Jodi Rell announced Tuesday that the state budget deficit for this fiscal year has nearly tripled to almost $1 billion.

Speaking from the state's capitol, Rell said her budget office estimates this fiscal year's deficit at $922 million.

"The economic storm has already ravaged much of the nation. It has now made landfall in Connecticut," said Rell. "I can tell you we are experiencing its fury in great detail."

According to the governor, quarterly estimated tax payments were 20 percent below projections. She also says business, gas and sales tax collections fell drastically.

Rell said she'll likely propose a third deficit reduction plan for this fiscal year after releasing her budget plan for the next two fiscal years on Feb. 4. At that time, the deficit is expected to be at least $6 billion.