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News
Paterson Rebukes Critics of Budget Cuts
by WNYC Newsroom
NEW YORK, NY November 09, 2009 —Gov. David Paterson used a rare mid-year appearance before the state legislature to urge lawmakers to support his proposal to address a budget deficit of more than $3 billion. The plan has been met with howls of protest from education advocates and the state's health-care providers, because the governor's plan cuts school aid and Medicare reimbursements. The governor acknowledged opposition to his plan, but stands behind it. "I will endure the heat from the special interests. I will mortgage my political career on this plan, but I will not mortgage the fate of the state of New York," Paterson said.
Paterson's fellow Democrats in the Senate are against his plan, proposing an alternative that relies heavily on one-time actions, such as refinancing of tobacco settlement bonds. The governor says the state can't rely on what he calls "gimmicks." He says if action isn't taken, the state could run out of money in four-and-a-half weeks. Some lawmakers say Paterson is overestimating the state's economic situation.
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Financial 411
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