ALBANY, N.Y. - New York Gov. David Paterson said Tuesday that the recession, overspending by the state and Wall Street's meltdown will result in a record $47 billion deficit over the next four years.
He says the current budget's shortfall is $1.5 billion and the next fiscal year beginning April 1 will include a $12.5 billion deficit. A month ago, the current deficit was estimated at $1.2 billion.
"New York is at the epicenter of an extraordinary financial crisis on Wall Street," Paterson said in releasing the state's mid-year financial reports during a New York City news conference. "We will have no choice but to take bold and aggressive action to reduce state spending."