Albany politicos reach agreement on how much to spend, that’s a scary thought isn’t it? I think so, one of these years I would love to see a headline that says,”Albany leaders decide to downsize, cut and streamline government”. Well it’s a dream I know.

wxxi NewsRoom

ALBANY, NEW YORK (2008-03-27) Governor David Paterson and legislative leaders say they’ve passed the first major hurdle on the way to a state budget- they’ve agreed on how much money to spend, and how to pay for it all.

Governor Paterson, who’s been on the job for just a week and a half, appeared with legislative leaders Thursday evening to announce that all sides have agreed on the amount of available revenues the state is taking in, and at what amount to cap spending in a growing economic crisis.

“We have gotten past what is really the first milestone in what is a long process,” said Paterson.

Paterson and the leaders provided few details of any new taxes or fees they’ll have to raise to close the budget gap. Assembly Speaker Sheldon Silver says he still supports an increase in the personal income tax for millionaires, but admits that he hasn’t convinced any of the other factions to sign on. The next step is for legislative conference committees to begin meeting Friday morning, to work out all of the details of the framework agreement.