After wavering on the issue in recent weeks, Governor Paterson today seemed to rule out tax increases as part of the solution to the state’s growing budget problem — at least for the next 18 months.
“I don’t think there should be any taxes at this point and certainly not, for the 08-09 budget and the 09-10 budget, we would not consider taxes,” the governor said at a meeting with legislative leaders in New York City. “The only thing I have said is that I’m not going to say no to taxes, ever.”
No new estimate of the 2009-10 gap, but the reduced revenue estimates Paterson discussed today would indicate it’s grown to at least $7 billion to $8 billion.
- The state budget shortfall for the current fiscal year has been re-estimated at $1.2 billion.
- The governor will call a special legislative session for Nov. 18, just over six weeks from now, to consider $2 billion in budget reductions necessitated the by the continuing erosion in the state’s fiscal condition.
- He’ll present his Executive Budget over a month early, on Dec. 16.
- DOB now estimates that Wall Street bonuses will drop 43 percent in 2009; but Paterson said he personally believes the decrease will be more like 60 percent.
Meanwhile, it’s raining red ink in California, which may soon need a $7 billion federal loan to keep paying its bills.
You may also like
Enjoying our work? Sign up for email alerts on our latest news and research.
Together, we can make New York a better place to live and work!