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Malloy approves temporary $550m credit line

Governor Dannel P. Malloy has authorized $550 million in temporary lines of credit at the request of the state treasurer in case the state needs cash to pay its bills. Treasurer Denise Nappier said that the state government is facing reduced cash levels and that obtaining credit lines is a precautionary measure. Malloy’s authorization does not mean that money from the credit lines will be used. The Democratic governor’s approval comes as state Comptroller Kevin Lembo is projecting a $415 million deficit in this year’s $20 billion state budget.

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