Lieutenant Governor Presents Proposal For Escaping Deficit
By: Erin Billups
With the state's budget deadline rapidly approaching and lawmakers grappling with a $9 billion deficit, the state's second-in-command briefed lawmakers Wednesday on a plan for New York to work its way out.
The five-year, structural balance plan being pushed by Lieutenant Governor Richard Ravitch calls for limited borrowing, along with a spending cap, spending cuts, and an independent review board to keep the budget in check.
"I'm encouraged by what I heard and I think a lot of the members of the legislature will be equally encouraged," said Senator Diane Savino of Staten Island.
The budget is due April 1st. Ravitch recommends pushing the fiscal year back to June 30th.