Home  //   Archive by tag 'State Budget Cuts'

New York Is Broke

Gov. David Paterson

For the first time in history, New York State is not just broke but in debt. To paraphrase a line by Louis C.K., if being broke is having no money then New York would have to raise hundreds of millions of dollars just to be broke.

According to the New York Times, the state has a negative balance of $174 million in its general fund (yes, states have bank accounts too) with over a billion dollars due on its bills.

The state will now have to burn an even deeper hole in their account by using up …continue reading

Continue reading >>
No comments

New York News Week in Review: Dec. 18

Here are a few stories that you might have missed this week:

-New York City’s outer boroughs will be getting a new area code with the amount of numbers expected to run out by 2012. People who are currently in the 718 or 347 area codes will keep their current codes.

-Several education groups have sued Governor David Paterson for the release of money to schools that he has postponed until it becomes financially feasible for the state to pay the aid. Paterson called the move necessary because the State Legislature did not cut enough of the state’s deficit to prevent a large …continue reading

Continue reading >>
No comments

Train Wreck: Awful MTA Announces Plan To Make Things Worse

Aw, The Poor Transit Union...

It’s tough to be a state agency that is among the most financially irresponsible and then endure a nearly $400 million budget cut but that is exactly what is going on with the MTA who will now be passing its financial irresponsibility woes onto New Yorkers. Meanwhile, transit workers will get a huge 11%+ raise.

In the MTA doomsday plan which will now take effect because of budget cuts (but more so because Albany can’t do math), the MTA will begin to get rid of free student metrocards, cutting two subway lines and dozens of bus routes, and laying off hundreds of …continue reading

Continue reading >>
1 comment

MTA Saga Continues: $343 Mil Short For 2010

An All Too Familiar Sight

After legislators told the MTA that they would have $143 million less to spend in 2010, it was discovered that the number would actually be $343 million thanks to a very costly error.

As the legislature began to make cuts for next year to cut the state’s massive deficit, the MTA was told that their budget would be cut by around $143 million, a lot more than the MTA had expected. Today, it was learned that the MTA would not receive as much money as once thought from the payroll tax associated with the bailout. $200 million less, …continue reading

Continue reading >>
No comments

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

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 …continue reading

Continue reading >>
No comments