Legislative Leaders Weigh in on New Budget Cuts

The reaction from legislative leaders? This from Democratic Assembly Speaker Sheldon Silver.

SILVER: This budget will not be balanced on the backs of the poor, the working men and women of NY, that all classes, all factors will have to contribute and feel the pain of this economic downturn.

REPORTER: Silver has pushed a so-called "millionaire's tax," but said yesterday he'd take it off the table for the special session next month.

The speaker hosted a hearing today in Manhattan to collect the views of business leaders and economists on the scope of the crisis. Many said a recession could last up to two years. Almost all said tax hikes should be avoided.

As for Senate Republican Majority Leader Dean Skelos, he appears to be holding the line against cuts to education, and to aid to local governments, saying it would force those governments to raise taxes to make up for any shortfall. He also said he's opposed to any tax hikes.