New York Governor Proposes 5 Billon Dollars in Cuts
source: http://cityroom.blogs.nytimes.com/2009/10/15/paterson-proposes-5-billion-in-cuts-to-close-de...
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- ProjectBat
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With New York facing a nearly $50 billion deficit over the next three and a half years, Gov. David A. Paterson on Thursday unveiled a plan to cut $3 billion over the current
fiscal year and raised alarms about the state’s financial health.
The plan, which would cut $5 billion over the next year and a half, includes sweeping cuts to education and Medicaid as well as a grab bag of other strategies, from a new tax amnesty to raiding the state environmental protection fund and the Battery Park City Authority.
The plan would cut $1.3 billion in local assistance over the remainder of the fiscal year, which ends next March, including $480 million in cuts in school aid to districts across the state, or about 4.5 percent of the remaining aid due to be disbursed. The plan would also cut $471 million from Medicaid and other health and mental health programs.
“New York is ground zero for the fiscal crisis,” Mr. Paterson said, referring to the state’s reliance on Wall Street revenue, during a news conference on Thursday. “This is a very painful plan, but we will share the burden. This budget deficit has affected all of us, and all of us are going to have to sacrifice.”
The governor ruled out any tax increases......
fiscal year and raised alarms about the state’s financial health.
The plan, which would cut $5 billion over the next year and a half, includes sweeping cuts to education and Medicaid as well as a grab bag of other strategies, from a new tax amnesty to raiding the state environmental protection fund and the Battery Park City Authority.
The plan would cut $1.3 billion in local assistance over the remainder of the fiscal year, which ends next March, including $480 million in cuts in school aid to districts across the state, or about 4.5 percent of the remaining aid due to be disbursed. The plan would also cut $471 million from Medicaid and other health and mental health programs.
“New York is ground zero for the fiscal crisis,” Mr. Paterson said, referring to the state’s reliance on Wall Street revenue, during a news conference on Thursday. “This is a very painful plan, but we will share the burden. This budget deficit has affected all of us, and all of us are going to have to sacrifice.”
The governor ruled out any tax increases......
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ProjectBat
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I wonder if the increase in social welfare programs has contributed to these massive deficits these states have been having?
- 2 years ago
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ProjectBat
