Gov and Pols Agree on Significant Cuts

State Assembly Speaker Sheldon Silver says the legislature and Gov. David Paterson have agreed on significant state budget cuts that were needed to deal with New York's rising deficit.

SILVER: The overall reductions that we have done translate on a two year basis to over $1 billion.

REPORTER: Even with the across-the-board cuts of 6 percent in many areas, the state still faces about $20 billion in deficits in the next three years because of a recession that's cutting tax revenues from Wall Street, which provide about 20 percent of the state's revenue.