These two men might have been happy to see each other, but Governor David Paterson and Mayor Michael Bloomberg aren't so thrilled about the economy.
They were at the State Financial Control Board meeting yesterday, where Bloomberg noted that Wall Street firms "posted $22.8 billion in losses" during the first quarter of 2008. City Comptroller William Thompson also pointed out that, per the Sun, "weak tax revenues and overtime costs will create a $68 million gap in this year's budget," giving the city a budget gap of $2 billion in 2010 and nearly $5.7 billion in 2011. Still Mayor Bloomberg said the city was prepared, "We showed that in the way that we managed the city budgets during the recession that followed 9/11."
And Governor Paterson, who told reporters the economy is "not good" yesterday, will deliver bad news about the state's economy in a televised address later today. He wants to emphasize that cuts need to be made in the state budget, a direct call-out to the Legislature. He said, "People sitting in their homes already know what the pain is. I want to make sure that people in Albany understand as well.”
