Politics on the Hudson

     The state has sprung another $1.2 billion leak in its budget because of the downturn on Wall Street, state budget officials said today.

” A series of unprecedented economic shocks in September have further worsened the state’s fiscal outlook,’’ according to a report from the state Budget Division, leaving revenues $1.2 billion below what’s needed to balance the budget for this fiscal year, which ends next March 31.

Gov. David Paterson and legislative leaders, who agreed in August to cut spending by $427 million, are meeting this morning to deal with the latest bad financial news.