Assembly Minority Leader Brian Kolb: Alarming State Budget Deficit Projections Underscore The Need For An Immediate Legislative Leaders’ Meeting

July 31, 2009

“The currently projected $2.1 billion State Budget deficit is expected to swell to $4.6 billion in 2010-11, $13.3 billion in 2011-12, and $18.2 billion in 2012-13, culminating in a three-year, out-year gap of $38.2 billion, which is $13.6 billion above and beyond what had been originally forecast. As New York’s economy continues its alarming downward spiral, we cannot afford to wait until September, as the Governor suggested yesterday, to outline and enact specific cost reductions for achieving the savings needed to bring New York’s budget into balance. The expanding budget deficit projections, declining state revenues, and 854,200 unemployed New Yorkers, the most since 1976, should serve as impetus for Governor Paterson to immediately convene a public Leaders’ meeting as I have continually called for. Given the severity of New York’s fiscal crisis, there is no justification for 58 days – and counting – to have passed since our last Legislative Leaders’ meeting.”