State Budget Gap Grows by $2.2 Billion

And oh hey guess what: the state budget gap is bigger than previously announced. Governor Paterson and legislative leaders announced it's up about $2.2 billion to $16 billion plus. A new, lower state revenue estimate revealed the mark-up; these aren't normally announced outside of official budget estimates, but the budget office told the Times that "the fiscal picture was changing so rapidly that it would have been irresponsible to negotiate a budget knowing that projected tax receipts were already dropping below the level expected." One of the alleged culprits is the collapse of the Aqueduct casion deal, but with the economy in the crapper, the state isn't taking in enough tax money, either. The Governor says he "will take whatever actions are necessary to get our fiscal house in order and eliminate this deficit." Maybe we'll see a revival of the soda tax. Only this time, a bigger one.


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