05/08/2010 05:12 am ET Updated May 25, 2011

Paterson: Budget Failure Could Mean Depression In New York

A defiant, though occasionally jocular, Gov. David Paterson tried Monday to set aside the swirl of rumors surrounding his immediate future and get back to the business of addressing the gaping state budget problem.

During a town hall meeting at Brooklyn Borough Hall, Mr. Paterson made scant reference to his precarious political position and instead focused on the state's beleaguered budget, going so far as to predict that New York could fall into a depression if drastic steps to control spending were not taken soon.

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