N.Y. faces crushing crisis, governor warns

Economic downturn, Wall Street meltdown could mean $47 billion deficit

NEW YORK - Calling the impact of the national economic crisis and the Wall Street meltdown worse than the terrorist attacks of Sept. 11, 2001, Gov. David Paterson said Tuesday that New York faced a mammoth budget deficit of $47 billion over the next four years that may require a 25 percent across-the-board spending cut.

“New York is at the epicenter of an extraordinary financial crisis on Wall Street,” Paterson said at a news conference where he released the state’s mid-year financial reports. “We will have no choice but to take bold and aggressive action to reduce state spending.”

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