New York, NY —
Governor David Paterson took to a podium at his Midtown Manhattan office and offered a grim prognosis for New York State's economic health. His midyear assessment finds that Wall Street revenues have fallen so low, the state's current budget is now in the red by $1.5 billion. Next year's budget will be worse, with a projected $12.5 billion shortfall. WNYC's Bob Hennelly was at the governor's gloomy presentation.