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Gov. Paterson Promises the State Will Act Aggressively to Recover
Gov. Paterson Promises the State Will Act Aggressively to Recover From the Current Fiscal Crisis
October 10
Peter Iglinski
WXXI
Governor David Paterson addressed an economic summit at Saint John Fisher College Friday morning telling attendees that the state will take aggressive action to bring prosperity back to New York.
Paterson made his comments at the annual Eyes on the Future summit. He painted a bleak picture saying next year's budget deficit for New York has been estimated at $8 billion. But he says the state cannot tax its way to recovery. He did warn that necessary changes will be made that cause pain throughout the state. Paterson says the sooner the state addressed the economic crisis, the sooner it will recover and the stronger it will be.
Paterson says New York's economy is dependent on the Wall Street economy. About 20 percent of the state's revenues come from the financial sector. Paterson said New York will be one of the first states to respond to the crisis and he promised that prosperity will return to the state.
Gov. Paterson also says the state will continue to support Rochester's Midtown Plaza project and a new bio-tech research facility at the University of Rochester.
© Copyright 2008, WXXI
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