Paterson Warns Of More Fiscal Troubles For the State
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- June
- 29
If the Senate gridlock wasn’t enough, Gov. David Paterson warned today that state tax receipts are expected to be 35 percent lower than predictions just a few months ago.
“We are in very difficult times,” Paterson said during a speech to the New York Conference of Mayors in Saratoga Springs. “We are probably going to come out in the next couple of weeks with an economic forecast that no one is going to like.”
The state Legislature closed a nearly $18 billion deficit in the current fiscal year, and Paterson hailed the budget’s passage, saying it will limit the out-year budget gaps by 70 percent.
His budget office predicted just a $2.2 billion gap in the 2010-11 fiscal year.
Budget observers have questioned whether the gaps were underestimated, and Paterson seemed to confirm that today, suggesting that the state may need to reopen the current budget again this summer.
“We may have just as difficult a budget to grapple with this summer as we did last year,” he said.
This entry was posted
on Monday, June 29th, 2009 at 11:00 am by Joseph Spector.
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Jay Gallagher has covered Albany for Gannett News Service since 1984 and has been Albany Bureau chief since 1989. He`s a native of the Boston area and likes to point out that in this millennium, the score is Red Sox 1 championship, the Yankees 0. 
Cara Matthews has been a statehouse correspondent in the Albany Bureau since August 2005. Prior to that, she covered Putnam County government and politics at The Journal News for nearly five years. Before that, she worked at newspapers in Connecticut and covered the state Legislature for one of them. 
