Legislature OK’s Partial Deficit Reduction, Refuses to go All The Way

David Paterson

David Paterson

While the media focused largely on the New York state senate officially denying more than a million gay New Yorkers (according to most estimates) the right to one day marry the person they love like any convicted felon, murderer, adulterer, or terrorist can, legislators also spent the special session cutting the state deficit by $2.8 billion.

Although nothing is concrete, it appears that the state legislature will cut most but not all of the New York State deficit leaving the state with a large debt and financial difficulties after this year.

Governor David Paterson has been asking legislators to cut the state budget by $3.2 billion in order to eliminate the state deficit (which the State Comptroller’s office estimates to be even larger than the Governor has stated.

While most legislators saw the plan that the State Assembly and the counterproductive State Senate had come up with (though only under dire circumstances) as a breakthrough since the governor’s plan was unlikely to gain traction in the Senate, Paterson was none too happy with the compromise and neither should you.

While some legislators claimed that Paterson was attacking the legislature to help himself politically, the legislature is the party truly guilty of this.

The Democrats agreed to a compromised plan only to avoid looking like they were leading the state into an economic collapse similar to California’s.

In truth, the whole point of Paterson’s cuts were not only to prevent financial ruin but, as we reported earlier, to prevent a large state debt that would greatly damage the state’s credit score (yes, states borrow money too) and increase the state’s interest payments meaning that we would be even more in debt.

Paterson has promised that he will get the budget cuts done, with or without the legislature’s blessing.

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