Jul 31, 2008 2:02 pm US/Eastern
Paterson Says DC Must Do More For States
NEW YORK (AP) ―
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The other shoe dropped Wednesday, as Governor Paterson began laying out his plan to cut state spending and get New York out of a budget crisis that shows no signs of abating.
AP
New York Gov. David Paterson, facing a mammoth budget shortfall, says state and federal governments must overhaul their spending priorities.
Paterson is speaking at a luncheon of the National Press Club a day after he announced new cuts in state agency spending to shore up public finances in a state whose fortunes are heavily tied to Wall Street and the financial sector in general, which have taken a beating in recent months.
The governor says states all across the country are facing similar harm because of turmoil in the housing and finance sectors.
The federal government, he said, must do more to help states avert a "national crisis of bankruptcy."
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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