In a few minutes, Governor Paterson will speak to New Yorkers about the State Senate stalemate—and many believe he'll appoint a lieutenant governor! While some speculation was that he would pick Denise O'Donnell, the former Buffalo U.S. attorney and currently Paterson's criminal justice coordinator, and Secretary of State Lorraine Cortes-Vazquez, NY1 and the Daily News report the LG will be Richard Ravitch, who formulated recommendations for the recent MTA bailout. 5:01 p.m.: Paterson speaks about the embarrassing situation of the State Senate stalemate, listing the problems it's caused (NYC's hiring freeze, Yonkers' budget problem). He acknowledges the problems lie beyond the Senate—they are with the economy—but emphasizes the Legislature needs to pass bills and how there is no presiding officer in the Senate, especially how there is no successor for him. Paterson says the State Constitution gives him explicit power to appoint a vacant LG. "I have selected Richard Ravitch...to serve with me through 2010. He will not be a candidate thereafter." He adds, "If there's legal action"—hello, AG Cuomo— he wants it done expeditiously. He thinks this is the "right thing to do—we cannot allow for any further exposure to risk during this time of economic uncertainty."