Ravitch Outlines 5-Year Plan for Salvaging the State’s Budget
Wednesday, March 10, 2010
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Richard Ravitch (Photo by Jemal Countess/Getty Images for Bryan Cave LLP)
New York, NY –
Lt. Gov. Richard Ravitch has announced his five-year plan to address New York State’s massive budget deficit. In an effort to rein in the government’s notorious overspending, he plans to require balanced budgets through the fiscal year.
The proposal would create an independent financial review board under a law that would empower a governor to make spending cuts to balance budgets without the Legislature's approval. But, Ravitch says it is not a control board.
“There's no power to force any action. It does not have the power to approve any collective bargaining agreements,” Ravitch says.
The only power the financial review board would have is to certify a balanced budget. However, lawmakers, would have to approve the Ravitch proposal, which would take away some of their power to protect school aid and other spending for powerful special interests.
Ravitch's plan also includes borrowing up to $2 billion a year for the next three years to manage the state's finances.
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