By Joyce Kryszak
Albany, NY – New York Governor David Paterson told legislative leaders Thursday that the projected two-year deficit has soared to $10 billion. Paterson laid out the bad news during a meeting with leaders in Albany to talk about their progress in closing the gap.
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Leaders had been told they needed to agree on ways to close a three billion dollar gap. But on Thursday Paterson told them they now have to come up with $3.2 billion in cuts. And that just addresses the hole through the end of the year. Republican and Democratic leaders told Paterson they've reached agreement on about two thirds of that so far. But Republican Assembly Minority Leader Brian Kolb of Canandagua told Democratic leaders there is some question about their commitment to closing the gap.
But Democratic Conference Leader John Sampson said if the deficit weren't real they wouldn't be there. He said Democrats are not trying to delay cuts. They just want to hear from the public before making them.
Public hearings on the governor's deficit reduction plan are being held around the state. A hearing is scheduled for Monday in Williamsville. The governor said that getting input is understandable. But Paterson said speed is crucial. He said the state's deficit is especially vulnerable to impacts on Wall Street. Paterson said President Obama's decision to halve the bonuses to the top executives who received bail out funds means even less revenue to offset the deficit.
The public hearing in Williamsville on Monday is at the Union Auto Workers from 10:00 a.m. until 2:00 p.m. Paterson will address a joint session in Albany on November 2. A special session is scheduled for November 10.