WCBS 880 Connecticut Bureau Chief Fran Schneidau reports
He's proposing a two-year plan that borrows no money to cover operating expenses and one that requires raising taxes.
Faced with a $3.5-billion deficit, Malloy says he will also seek union concessions.
"...and part of that is going to be a return to our partners in government, their state employees, work with them on making sure whatever platform we have in the future is sustainable, that we're not going to go from crisis to crisis to crisis," says Malloy.
Even though expenses are rising, Malloy says his budget seeks to contain spending to the present $19 billion level.
The governor will present his budget to lawmakers mid-month.
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