Paterson: Next year's deficit could be twice as high as projected

PHOTOGRAPHER: The Associated Press

New York Gov. David Paterson says he’s preparing for the state budget deficit a year from now to be more than double the official projection made last month.

That projection showed a $2.5 billion shortfall for the fiscal year beginning in April 2010. But Paterson says he’s preparing for revenue to drop another $3 billion over the next 11 months.

He says he’s rounding next year’s deficit up to $6 billion because the recession has made him a pessimist.

The current $132 billion budget had a nearly $18 billion deficit covered mostly with federal stimulus money that runs out in two years. Paterson didn’t detail today how he’s preparing for the larger deficit, which takes into account next year’s stimulus money.