Paterson pitches $5B deficit reduction plan

(AP) - Gov. David Paterson is proposing a $5billion plan to reduce New York's deepening deficits withacross-the-board cuts over two years.Paterson wants a state spending

ALBANY - (AP) - Gov. David Paterson is proposing a $5billion plan to reduce New York's deepening deficits withacross-the-board cuts over two years.

Paterson wants a state spending cap, a cut up to 4.5 percent inthis year's remaining school aid and a pension plan for new stateworkers that's less costly than benefits for current and pastemployees.

The Democrat says Thursday the state would save $9.3 billionover five years under his plan.

He isn't calling for any tax increases.

The proposal now goes to the Legislature, which would have toapprove any cuts to education, health care, public safety and otherpolitically sensitive areas.

Paterson and lawmakers agreed on a $131.8 billion budget inApril that included more than $4 billion in tax increases andrelied on temporary federal stimulus funds.

advertisement | advertise on News 12

Trending Video

News 12 hit the streets to find out 1 Word on the Street: Favorite U.S President
VIDEO: Scenes from fatal accident 2 VIDEO: Scenes from fatal accident
At least 20 cars were damaged when the 3 2nd-floor parking garage collapses on Jerome Avenue
Fire officials say the parking garage on Jerome 4 2nd-floor garage collapses on Jerome Avenue
Wings Academy came back from a second-half double-digit 5 VIDEO: Wings Academy wins PSAL Borough Championship

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE