State Budget Balanced, But Ready to Tip Into Real Trouble

redink.jpgThe New York State Legislature finally passed a budget two weeks ago, which it balanced by taking on extra debt without the approval of voters to fund a 6% increase in spending as revenues continue to shrink. State Comptroller Thomas DiNapoli says New York is heading for trouble, especially since revenue projections are so uncertain and vulnerable to further economic downturn.

The $121.7 billion budget grew 6% despite entreaties from Gov. Paterson to actually cut spending and tighten belts. Comptroller DiNapoli said that he's forecasting budget shortfalls totaling $23.4 billion over the next three fiscal years. Bridging those budget gaps would necessitate taking on even more state debt and would increase the cost of servicing New York's debt load by 50% in three years.

Gov. Paterson asked the legislature to try again with the budget while the body was still in session. Even though the budget's been passed, he wants to see if he can reduce spending by 3.5% before the Assembly and Senate recess on June 30th. Spokesmen for Assembly Leader Sheldon Silver and Senate Leader Joe Bruno said that they were open to the idea, which is about as definite as saying "We'll see" or "Go ask your mother."

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Comments (4) [rss]

Albany is increasing the budget by 6% KNOWING tax revenue is going down this year and the next one as well.
Do we really have the most disfunctional state goverment in the country? Is any other state doing things like this?

why cut waste when you can just keep taxing your poor sap constituents.

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The New York State Legislature finally passed a budget two weeks ago, which it balanced by taking on extra debt without the approval of voters to fund a 6% increase in spending as revenues continue to shrink.
Why tax your poor sap constituents, who can vote you out, when you can borrow money without asking them and tax your constituents' poor sap children, who have no say at this point?

Anybody who runs for the State Assembly or State Senate should be made to take one of those "Using your credit card responsibly" quizzes. If they fail, they should not be eligible to run.

If they pass and pull evil shit like this, they should be arrested.

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