The updated financial information released today by the State Budget Division is a clarion call for passage of a real spending cap that would force Albany to live within its means. In fact, Senate Republicans have publicly urged the Governor to make this legislation part of any deficit reduction package he sends to the Legislature next month.
When Senate Republicans were in the majority we passed on two separate occasions legislation to cap state spending. The Assembly failed to act both times. If that were law today, next year’s projected $7 billion deficit would be eliminated altogether, and the State would still have an additional $1.2 billion leftover.
Instead of taking our lead and passing the spending cap this year, Democrats passed a budget that included $12 billion in new spending, $8.5 billion in new taxes and fees, and eliminated the STAR rebate checks important to seniors and homeowners.
It should come as no surprise that New York is now reaping the disastrous results of the budget sowed by Democrats in April. We must move quickly to reduce spending and fix the budget, and set clear priorities that allow us to create jobs, assist small businesses, provide property tax relief, and chart a more realistic economic course.