New York, NY —
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.