New York Gov. David Paterson is pressing a state spending cap on a reluctant Legislature and pushing back against his lieutenant governor’s reported plan to borrow billions over several years to escape a fiscal crisis.
Paterson said today that spending is the state’s top problem and it must be curbed or capped before resorting to borrowing. The current deficit is projected at $2 billion.
The state budget due April 1 includes a deficit approaching $9 billion in a $130 billion spending plan.
On Monday, Lt. Gov. Richard Ravitch denied a press report that he has developed a multiyear plan to right the state’s finances that includes billions of dollars in borrowing.
Paterson says also negotiations with legislative leaders aren’t being hampered by the two scandals that threaten his job.