Here we are again, well not yet, we have to wait until after the election. Tell me, what is more important, the diving economy or the re-election? Just curious. Once again our representatives fail to do their job this time it’s two fold. They are putting off this economic crisis for political expedience at the same time state spending just continues on because they refuse to address it because they are worried about getting re-elected and don’t want to make the unions angry.
So let’s look at a brief over view. We were 6.4 billion in the hole, our legislators cut 400 million… OK now we are only at 6 billion. This crisis is projected to cost us another 3.5 billion and Paterson wants them to cut another 2 billion? If he succeeds, which is highly unlikely we will be at 7.5 billion… Wow, great job Albany. I fully expect them to fall far short of the 2 billion so either way we look at it we are screwed. And this still doesn’t even address the 25 billion we are looking at over the next 2 years. Most of this started before the Wall Street crisis…
Paterson Seeks $2 Billion in Budget Cuts
Gov. David A. Paterson said on Friday that he would seek $2 billion in new cuts to the state’s current budget and challenged lawmakers to abandon Albany’s spending habits amid a deepening financial crisis.
In a meeting with legislative leaders that was at times remarkably testy for what are often scripted affairs, the governor said he would call the Legislature back to Albany — but not until after the election — to reopen the state budget. The governor and lawmakers agreed during a session in August to cut $427 million from this year’s budget, but recent turmoil on Wall Street has opened an additional $1.2 billion hole, and the numbers are expected to worsen.
While Mr. Paterson and legislative leaders have warned that the Wall Street crisis would have a magnified impact on New York, the extent of the damage is only beginning to emerge.
Preliminary tax receipts released this week by the state comptroller’s office showed that revenue in September from sales, business and other taxes declined by about 7 percent, or $154 million, compared with September 2007. more–>
