Jenna Flanagan has been an Associate Producer and contributing reporter for WNYC's All Things Considered, local news since 2006. Prior to that, she worked for 3 years as a general assignment reporter for the WBGO news department and won a Garden State Association of Black Journalists award.
Governor Paterson Tells Legislators, 'No More Borrowing'
Monday, November 03, 2008
New York, NY —
As Governor Paterson and state leaders try to figure out how to close a $1.5 billion gap in the state budget, Paterson says they'll have to do it without borrowing.
Paterson says state government has to be managed like a household. He says he fears rating agencies will downgrade the state's credit standing if New York uses loans to address the financial crisis.
State Comptroller Thomas DiNapoli agrees. He says the governor's opposition to borrowing will help maintain the state's credit rating.
Paterson has called a special session of the legislature on Nov. 18th to seek $2 billion in cuts from the current budget. So far leaders of the Senate and Assembly haven't commented on the credit freeze.
In the past, the Legislature approved borrowing billions of dollars rather than making deep cuts in school aid and other spending.
According to the state constitution, Paterson will have to offer his own budget cuts in time for the special session.
For WNYC I'm Jenna Flanagan.