Albany lawmakers disagreeing is nothing new, but Governor Paterson's opposition to his own lieutenant governor's budget plan—one that includes borrowing to balance the budget—is interesting, given how Paterson fought to have LG Richard Ravitch as his number two. The NY Times reports that Paterson's stance, "announced at a public meeting of state leaders in the Capitol, underscored the growing tension between Mr. Ravitch and the rest of the Paterson administration, who are fundamentally divided over how to close the state’s $9.2 billion deficit." more ›

Yesterday, Lieutenant Governor Richard Ravitch unveiled his NY State fiscal plan, which includes limited borrowing, a change in accounting practices, and creating a board that would review the budget on a quarterly basis. While some lawmakers are unhappy with the ideas proposed, given that NY State is facing a $9 billion deficit—and another $15 billion gap next year—they seem resigned to agree to it. more ›

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. State Comptroller Thomas DiNapoli says New York is heading for trouble, especially since revenue projections are so uncertain and vulnerable to further economic downturn. more ›