All of the plans make major cuts, but the GOP says it's plan produces a balanced budget without tax increases.
You can judge them for yourself:
You can read the governor's plan here, and about the plan here.
Note: The CTMirror story I link to has a searchable list at the bottom of the story showing how each municipality would be affected by the gov's plan. Waterbury, for example, actually would see a 29% increase; Wolcott, on the other hand, would see a 46% decrease, while Watertown would see a 32% cut and Naugatuck a 2% cut.
You can read the Dems' plan here, and read about the plan here.
And you can read about the GOP plan here.
Budget negotiations are set to begin this afternoon in Hartford.