By Joyce Kryszak
http://stream.publicbroadcasting.net/production/mp3/wbfo/local-wbfo-737268.mp3
Albany, NY – In a rare televised address, Governor David Paterson Tuesday warned of dire economic times for New York state. He called lawmakers back for an emergency summer session on August 19th to deal with the crisis.
In only a few months, New York's daunting $5 billion deficit soared to $6.4. At this rate, state analysts say the deficit will climb to more than $26 billion in only three years.
Paterson ordered lawmakers back to Albany on August 19th to fix the mess. He says they will make the tough choices hard-hit New Yorkers are already making.
Lawmakers did make some small spending cuts in the current budget. But they also added some back in. Paterson says that's no longer acceptable.
Paterson says he's not waiting for the emergency session. The governor says he'll start looking at the size of the state workforce, and at more cuts ion the budget. He says public private partnership to take care of state assets could be another option. But Paterson says there are some crucial items that will be protected.
But that could prove a major challenge for a state that is losing revenues in stunning numbers. Paterson says revenues from the 16 major banks that pay taxes to New York fell by 97 percent in only one year.
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