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Man With the Plan
October 14th, 2009

Gov. David Paterson will unveil his plan to reduce the state’s growing budget deficit tomorrow at 1 p.m. Whether he and the legislature will be able to come to terms on the plan remains to be seen. But Comptroller Thomas DiNapoli is encouraging both sides to hurry up and make some cuts.

DiNapoli announced today that thanks to a projected decline in tax revenue the deficit could reach $4.1 billion if nothing is done. “The Division of Budget projects a $3 billion deficit in the current budget. But based on current trends, the end-of-year gap could be more than $4 billion if no action is taken. The spending promises made in the spring are not sustainable in the face of falling revenue. The tough decisions that should have been made in April will be much harder now that half the fiscal year has passed, and we can’t just push the problem off until next year.”

DiNapoli also scolded the governor and legislators for not making better spending choices earlier in the year.

“I said in April that this was a ‘buy time’ budget, and now time is up,” DiNapoli said. “This budget simply has not held together. Most New Yorkers understand they cannot spend more than they make. The state needs to adopt that kind of common sense. If we stay on the current path, New York will run out of cash. This situation must be addressed.

By David King on October 14, 2009, 7:50 pm
In category: Albany, Eye on Albany | No Comments »

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