Paterson Considers Another Emergency Legislative Session

After allowing troubled insurer A.I.G. to borrow $20 billion from itself (and emphasizing that "No taxpayer dollars are involved"), Governor Paterson turned his attention to what the Wall Street woes might mean for the state as a whole. And he told NY1's Dominic Carter, "We don't know what the damage of the events that occurred this weekend is. I would not be surprised if the budget deficit we just cut down may skyrocket back up and I may have to call on the Legislature to come back and grapple with it again.” (Last month, Paterson convened an emergency session to discuss the state's budget problems since the deficit grew $1.4 billion in just a few months.) In a statement yesterday, Paterson pointed out that 20% of NY State's revenue comes from Wall Street.