NY Gov Eyes $4B In Fees, Taxes To Shut $15B Budget Gap-Report

Published: 17 Dec 2008 02:36:17 PST

New York Gov. David Paterson on Tuesday will propose $4 billion in new or higher taxes and fees on a variety of items as a way to help close a state budget deficit that has grown to $15 billion, the New York Times reported Monday, citing people with knowledge of Paterson's plan. He didn't include any broad-based tax increase affecting people in higher income brackets and is planning $9 billion in program cuts. The budget gap totals $15 billion for the rest of the current fiscal year, which ends March 31, and the following year. The governor's budget is subject to approval by New York's legislature; state law requires that the budget be balanced.

Full story at http://www.nytimes.com/2008/12/15/nyregion/15budget.html?_r=1&hp

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