State budget gap grows by $1 billion
The state’s budget gap grew by another $1.2 billion, with Assembly Democrats estimating today that the deteriorating economy means the state will get that much less in tax revenue next year than Gov. David Paterson predicted only last month.
“New York joins the rest of the nation in the midst of a deep recession,’’ said Assembly Speaker Sheldon Silver, D-Manhattan. “Without key revenues collected from Wall Street, the crisis impacts communities across the state. This will still get worse before it gets better.’‘
The further drop in revenues would widen the gap between anticipated spending and projected revenues for the new fiscal year that begins April 1 from $13 billion to just over $14 billion.
Just last week, lawmakers voted to close what was this year’s $1.6 billion budget hole by cutting some spending tapping new revenues.
Both Gov. David Paterson and Senate Majority Leader Malcolm Smith, D-Queens, said today they largely concurred with the new Assembly figures, which will further complicate their attempts to get a new spending plan in place.
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well then lets just tax 1/2 millionaries too…instead
of just millionaires..that would mean every FAMILY
making 125,000…in fact that would mean a heck of
a lot of teachers…love it…they should pay plenty
because they get plenty
Love it. They blithely ‘concur’ with figures that they have no clue of. And, off to the restaurant.
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