The State Senate and Assembly have reportedly come up with $2.9 billion in cuts to the state budget, but the Times Union reports, Governor "Paterson, however, immediately claimed that wouldn't go far enough, and said he would move to unilaterally cut aid to localities." As in not pay social service agencies and public schools—Paterson said, "Unfortunately, the Legislature’s last best offer does not take sufficient action to restore New York State’s long-term fiscal stability." more ›

New York State's dire budget situation gets the front page treatment from the NY Times today. And the Times sounds the alarm bells and points a finger in the direction of a certain state body:

"Without a budget deal, New York will be left with just $36 million in the bank by the end of December, according to current projections. And the money will last that long, officials say, only if the state chooses to fully exhaust its emergency reserves by tapping several billion dollars’ worth of temporary loans from its rainy-day fund and short-term investments. more ›