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Tag Archives: budget deficit
Remember That Gaping Hole From 2009?
We’ve written about the budget crisis previously. Here’s the latest: David Paterson unveiled a $134 billion budget that bridges a $7.8 billion deficit. It cuts funding to schools and health care, tuition assistance, state agencies and payments to municipalities. It would include new surcharges on sugared drinks and soda, as Jim Odato sniffed out Monday. And Paterson delivered it with a sobering message: “New York is facing an inevitable fiscal reckoning.” (TU/DN/GNS/D&C) Accompanied by some tough talk (though many legislators chose to skip the speech–another sign of some serious bad blood between the Gov and the Legislature): “This is not a budget of choice; this is a budget of necessity… Ladies and gentlemen, the days of continuing taxation and the … More >>
$6.8 Billion
The picture for the Empire State’s finances keep getting grimmer: Gov. David Paterson told legislative leaders today that the budget deficit has now inched up to $3.2 billion, pushing the projected gap for 2010-2011 to $6.8 billion. This will be formalized in the Budget Division’s mid-year update, to be released [today]. The last official quarterly deficit estimate from DOB in July was: $2.1 billion in 2009-10, $4.6 billion in 2010-11. Combined two-year deficit of $6.7 billion. That means the deficit reduction plan Paterson unveiled just two weeks ago – $3 billion for the current year and $5 billion over two years – is now less sufficient to address the state’s ever-mounting problems – even if lawmakers and special interests were … More >>
