One of Carl Paladino’s prescriptions for New York’s chronic budget deficits, spending cuts of at least $7 billion in his first year as governor, may be imposed whether or not the underdog Republican candidate wins in November.

The nation’s third most-populous state faces a projected $8.2 billion gap next year, only three months after legislators closed a $9.2 billion deficit for the current fiscal year. Paladino’s Democratic opponent, Attorney General Andrew Cuomo, also says reduced spending is needed.

Paladino, 64, a Buffalo property developer and Tea Party supporter, says he’ll veto spending increases and force lawmakers to choose between reduced outlays or New York’s first- ever government shutdown. Cuomo, 52, who opened his campaign by calling for a cap on expenditures and freezing taxes, says he’s building a coalition to “get the state’s fiscal house in order.” He hasn’t said how much he would lower spending.

“We’re going to cut taxes every year during my administration,” Paladino said in an interview on CNBC today. “We’re going to cut spending every year during my administration.”

Whoever wins the contest “is going to have to make cuts of the magnitude Paladino describes, or raise taxes,” said E.J. McMahon, director of the Albany-based Empire Center for Public Policy, which advocates less government spending….

Read article here