Malloy: "I'm overwhelmed at how happy I am" Copyright by WTNH - All rights reserved Connecticut Governor Dannel Malloy announced Thursday that he will not seek a third term. (WTNH / Joe Sferazza) [ + - ] Video

HARTFORD, Conn. (WTNH) -- There has been speculation at the Capitol for weeks that Governor Dannel Malloy would not run again and now it's official. After 14 years as Mayor of Stamford, and eight years as Governor, Dannel Malloy will move on.

"Today I announce that I will not seek a third term as Governor," said the Governor at a packed news conference in the large Old Appropriations room at the State Capitol. The decision comes as Malloy is facing the most difficult budget battle of his entire career and he pledged today to not borrow or postpone any difficult spending cuts to close the $1.7 billion dollar deficit "The decision I have announced today will allow me to focus on these areas fully, not just for the remainder of this session but for the next twenty months in total."

There is already a large field of Republicans seeking the nomination. Several have already raised considerable sums for statewide campaigns. They include;

On the Democratic side, Middletown Mayor Dan Drew is the only announced candidate, but there are several strong candidate possibilities, including;

Ganim made a remarkable comeback in 2015, after spending seven years in federal prison for corruption. While Lt. Governor Wyman is also high on many speculation lists, she declined to comment Thursday, saying today was Governor Malloy's day.

With his wife Cathy, who had to help him with his homework in college because of learning disabilities, he started to tear up.

I'm overwhelmed with emotion. I'm not sad at all. I'm overwhelmed at how happy I am."

Many at the Capitol have noticed that Governor Malloy has seemed very happy for weeks. He said Thursday that he started making this decision, along with Cathy, back in August.