Connecticut readies austerity budget vote, aims to cut around $1 billionNEW YORK (Reuters) - Connecticut’s lawmakers are aiming to pass an austerity budget for the coming financial year on Wednesday that cuts spending by nearly $1 billion as the state struggles with revenues that are falling well short of projections. Details of a deal reached between Governor Dannel Malloy and fellow Democrats were sparse early on Wednesday afternoon as budget staffers rushed to prepare the documents ahead of a vote later in the day. The budget for fiscal year 2016-2017, which starts on July 1, will cut spending by $830 million, divert $100 million from transportation and other funds and sweep $30 million from various agency accounts, said Adam Joseph, a spokesman for Connecticut Senate Democrats. The spending plan is aimed at closing a $960 million hole in next year’s finances that officials have blamed on falling capital gains tax receipts due to a volatile stock market. Malloy proposed an $18.14 billion general fund budget in February that cut discretionary spending but did not raise taxes. Since then the projected revenue shortfall for next year ballooned from $560 million to its current $960 million. The state’s legislative session ends at midnight on Wednesday but the budget vote could keep legislators up until the small hours. Both chambers of Connecticut’s General Assembly are dominated by Democrats.  Connecticut, despite being one of the wealthiest states in the nation on a per capita income basis, has struggled to recover from the financial crisis and recession of 2007-2009. The state also faces a gap of around $260 million in the current fiscal year, despite a series of cuts. Malloy has said 2,000 state employees could be laid off in what he calls a “new economic reality.” The governor has also frozen pay rises for managers in state government. politicsNews
connecticut readies austerity budget vote aims cut around billionnew york reuters connecticut lawmakers aiming pass austerity budget coming financial year wednesday cuts spending nearly billion state struggles revenues falling well short projections details deal reached governor daniel alloy fellow democrats sparse early wednesday afternoon budget staffers rushed prepare documents ahead vote later day the budget fiscal year starts july cut spending million divert million transportation funds sweep million various agency accounts said adam joseph spokesman connecticut senate democrats the spending plan aimed closing million hole next year finances officials blamed falling capital gains tax receipts due volatile stock market alloy proposed billion general fund budget february cut discretionary spending raise taxes since projected revenue shortfall next year balloon million current million the state legislative session ends midnight wednesday budget vote could keep legislators small hours both chambers connecticut general assembly dominated democrats connecticut despite one wealthiest states nation per capita income basis struggled recover financial crisis recession the state also faces gap around million current fiscal year despite series cuts alloy said state employees could laid calls new economic the governor also frozen pay rises managers state government politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Connecticut readies austerity budget vote, aims to cut around $1 billionNEW YORK (Reuters) - Connecticut’s lawmakers are aiming to pass an austerity budget for the coming financial year on Wednesday that cuts spending by nearly $1 billion as the state struggles with revenues that are falling well short of projections. Details of a deal reached between Governor Dannel Malloy and fellow Democrats were sparse early on Wednesday afternoon as budget staffers rushed to prepare the documents ahead of a vote later in the day. The budget for fiscal year 2016-2017, which starts on July 1, will cut spending by $830 million, divert $100 million from transportation and other funds and sweep $30 million from various agency accounts, said Adam Joseph, a spokesman for Connecticut Senate Democrats. The spending plan is aimed at closing a $960 million hole in next year’s finances that officials have blamed on falling capital gains tax receipts due to a volatile stock market. Malloy proposed an $18.14 billion general fund budget in February that cut discretionary spending but did not raise taxes. Since then the projected revenue shortfall for next year ballooned from $560 million to its current $960 million. The state’s legislative session ends at midnight on Wednesday but the budget vote could keep legislators up until the small hours. Both chambers of Connecticut’s General Assembly are dominated by Democrats.  Connecticut, despite being one of the wealthiest states in the nation on a per capita income basis, has struggled to recover from the financial crisis and recession of 2007-2009. The state also faces a gap of around $260 million in the current fiscal year, despite a series of cuts. Malloy has said 2,000 state employees could be laid off in what he calls a “new economic reality.” The governor has also frozen pay rises for managers in state government. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: connecticut readies austerity budget vote aims cut around billionnew york reuters connecticut lawmakers aiming pass austerity budget coming financial year wednesday cuts spending nearly billion state struggles revenues falling well short projections details deal reached governor daniel alloy fellow democrats sparse early wednesday afternoon budget staffers rushed prepare documents ahead vote later day the budget fiscal year starts july cut spending million divert million transportation funds sweep million various agency accounts said adam joseph spokesman connecticut senate democrats the spending plan aimed closing million hole next year finances officials blamed falling capital gains tax receipts due volatile stock market alloy proposed billion general fund budget february cut discretionary spending raise taxes since projected revenue shortfall next year balloon million current million the state legislative session ends midnight wednesday budget vote could keep legislators small hours both chambers connecticut general assembly dominated democrats connecticut despite one wealthiest states nation per capita income basis struggled recover financial crisis recession the state also faces gap around million current fiscal year despite series cuts alloy said state employees could laid calls new economic the governor also frozen pay rises managers state government politicsnews