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 …continue reading
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
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, …continue reading
David Paterson
After consistently pleading with the state legislature, particularly the state senate, to cut the New York State budget by $3.2 billion to prevent an economic collapse, Governor David Paterson has taken matters into his own hands and is now withholding 10% of the aid due to government agencies and schools.
Here’s a quick rundown of what’s been going on:
Seeing the state’s deficit rise to well over $3 billion, Governor David Paterson asked the state legislature to cut the budget by $3.2 billion to prevent the same type of economic collapse that happened in California …continue reading
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 …continue reading
NY Gov. David Paterson
While Governor David Paterson has been pushing the legislature to cut the state budget by $3.2 billion, top Democrats have been reluctant to make the tough cuts to education and hospitals, opting to push for bigger debt in order to keep their jobs.
While the State Assembly is on board, the State Senate, particularly the Carl Krueger-led finance committee, has been reluctant to make tough, unpopular, but seemingly necessary decisions.
In response to the stalling by the Senate, Paterson has proposed an emergency bill that would allow him to make the necessary cuts, …continue reading
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