In May, the NY State Budget Office projected a $5 billion budget gap next year, increasing to $7.7 billion for 2010 and $8.8 billion for 2011. A few weeks ago, Thomas DiNapoli, the state comptroller issued a report showing that 2008 business tax receipts were $453 million below projections. No one seemed particularly worried about these numbers other than to say that the state has to cut spending sooner than later.
Beginning yesterday, Governor Paterson has issued a stern warning of tough times ahead for New York. What else has happened recently to make these numbers appear more sinister? Why the sudden doom and gloom? Something else must be afoot, I guess we'll find out tomorrow.
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