NEW YORK, NY July 29, 2008 —Governor Paterson will address New Yorkers directly this evening about the state’s finances. Whatever he says, the news probably won’t be good. We’re looking at a $5 billion deficit next year - and swiftly declining tax revenues - as Wall Street reels from the housing and credit crises.

New York City has a similar set of challenges to address, and yesterday the Financial Control Board met to review some of them. WNYC’s Ilya Marritz was there and he joins us now.

(WNYC will be providing coverage and analysis of the governor's speech later on All Things Considered.)