Governor: New York Deficit To Grow To $47B In Next Four Years
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David Paterson, Debt, Economy, Finance, Financial Crisis, New York, New York Deficit,
Business News
New York Post:
ALBANY, N.Y. - New York Gov. David Paterson said Tuesday that the recession, overspending by the state and Wall Street's meltdown will result in a record $47 billion deficit over the next four years.
He says the current budget's shortfall is $1.5 billion and the next fiscal year beginning April 1 will include a $12.5 billion deficit. A month ago, the current deficit was estimated at $1.2 billion.
"New York is at the epicenter of an extraordinary financial crisis on Wall Street," Paterson said in releasing the state's mid-year financial reports during a New York City news conference. "We will have no choice but to take bold and aggressive action to reduce state spending."
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First Posted: 10-28-08 04:01 PM | Updated: 11-28-08 05:12 AM