In a briefing in his Manhattan office of the latest economic data, Paterson says falling revenues from Wall Street are tearing a one and a half billion dollar hole in the current budget, and a $12.5 billion one in the next budget.
PATERSON: We are also projecting that there will also be at least 160K jobs lost right here, in New York State, alone.
REPORTER: That means less personal income and business taxes further deepening the state's economic crisis.
The governor projects a whopping $47 billion gap in the next four years. He's asking state lawmakers to make two billion dollars in budget cuts when they return for a special legislative session on November 18th.
Paterson says no area of the budget will be spared from what he calls "hard and painful" cuts.