Governor: Don't Underestimate Dire Financial Crisis

Governor Paterson says if New York's fiscal situation doesn't improve, more budget cuts and layoffs could be in store. The governor says corporate tax receipts were down in March and he's concerned that income tax revenue will be down, too. He says everything will be on the table -- and that New Yorkers shouldn't underestimate the situation.

PATERSON: When I compared it to the Great Depression, you would not believe the ridicule I faced in July and August. Now everyone says that this state's fiscal woes are worse than they were during the Great Depression.

The Governor was interviewed on Oswego public radio station WRVO.