03/18/2010 05:12 am ET Updated May 25, 2011

Paterson: New York Is Running Out Of Money

Gov. David A. Paterson took the rare step on Monday of addressing a joint session of the Legislature during its traditional off-season and used the speech to underscore New York's deepening financial crisis.

Mr. Paterson repeatedly used stark language to describe the gravity of the state's economic health as he prodded lawmakers to make cuts he has proposed to programs long considered sacrosanct. "I will mortgage my political career on this plan," Mr. Paterson told lawmakers as he warned that New York was rapidly running out of cash to meet its obligations.