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Governor Paterson unveiled his proposed $5.2 billion in cuts (or savings, depending on how you see things) yesterday to close the deficit. He said, “This is the worst economic crisis in this country since the Great Depression. That’s not an alarming statement, as it may have been when I said it in July. It’s now real.”
For the 2008-2009 fiscal year, he propose to cut $2 billion by April and then another $3.2 billion during 2009-2010. His cuts hit Medicaid spending and education the hardest, as you can see by the chart (left). Other significant changes: Increasing tuition at state colleges and universities, reducing aid to local governments (NYC will lose out on $41 million of its aid, leaving $205 million in funding) and state employees giving up their 3% raises and some health benefits. You can also see a more detailed breakout of the cuts here.
Paterson explained, "This is the result of our increased spending over years and years and now the downturn on Wall Street. The well has run dry." He also said the state should not use any funds from the $1.2 billion "rainy day fund," given how the economy may continue to falter.
Mayor Bloomberg said, "The governor has been dealt a hand ... I think David Paterson is turning out to be a great governor and we'll do anything we can to help him." However, Daily News Albany Bureau Chief Kenneth Lovett writes, "Paterson gored many of Albany's most sacred cows," and quotes an unnamed Senate Republican as saying, "He might have reached too high. This could blow up in his face."
The next step is a November 18 special session of the Legislature to discuss the budget shortfall.
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we'll see how all of this shakes out in the end, but for now, I'm fairly glad that Spitzer had to resign.
Explain to me please the following (NYC will lose out on $41 million of its aid, leaving $205 million in funding) and "This is the result of our increased spending over years and years and now the downturn on Wall Street. The well has run dry."
Since when was Wall street relocated to that asshole town called Albany?
NYC should separate from the dregs upstate and also the outer boros.
We can't blame Patterson at all. That poor bastard inherited this cock-up. I give him credit for having the stones to announce big cuts and get them over with.
Cock-up? Stones? Did I really write that?
I have faith that Paterson is doing the right thing. We were bound to crash no matter what.
Can't help but think Spitzer is feeling fortunate to be free of the burden of governing during this time.
i still like the guy. something has to be cut. got to pay for it somehow. better this then denial and loans.
NYC should separate from the dregs upstate and also the outer boros.
Yep, and upstate will happily take your tribute money to protect your water supply. And your roads.
How about reforming the Rockafeller drug laws which would cause the corrections budget to shrink faster than the wicked witch of the west in a monsoon? Think of how many non violent drug offenders we're locking up at $35k a year each (not including the construction costs for new facilities).
I think Paterson is doing the best he can with the budget as is but reform in other areas could make a huge impact on the numbers.