NEW YORK, NY March 14, 2008 —On Monday, he replaces Gov. Eliot Spitzer, who resigned after being linked to a prostitution ring.

At his first press conference after Spitzer's announcement, Lt. Gov. David Paterson spoke of plans for moving ahead with campaign finance reform in Albany.

PATERSON: We want to not dictate campaign finance. We want to really persuade legislators that it really is the root of a lot of the dysfunction that we have in Albany. In other words, the over-financing of campaigns.

REPORTER: One of Paterson's first tasks will be working with lawmakers to close a $4.7 billion deficit and broker a deal by April 1 on a $124 billion budget Spitzer proposed.

Paterson says there may be a 5-day transition period for his administration, and his staff is already working on the budget.