He says taxes and cuts in services are better than borrowing money to balance the budget.
New York Gov. David Paterson talks to reporters about the state budget Wednesday at the Capitol in Albany. New York's leaders are turning to the sales tax and other taxes and fees to balance a budget that is nearly three months late.From New York Daily News:
ALBANY - Gov. Paterson said Thursday that more taxes are on the way. Paterson, during a pair of early-morning radio interviews, said tax hikes and other revenue increases would account for as much as 13% of the state's plan to deal with a $9.2 billion budget deficit but he stressed that it was a better solution than simply borrowing money to close the gap.
"Taxes are regrettable, certainly we don't want to increase them at this particular time, but a combination of a few taxes and some rather severe cuts to services is I think the best solution," Paterson said on Albany's WGY radio.
» Read the full story: Gov. Paterson warns of tax hikes, possible return of clothing sales tax, to close budget gap [New York Daily News]
» Paterson: We’ll get at least 10% from taxes [Capitol Confidential]
» Expanded clothing sales tax among taxes, fees state lawmakers are considering to balance the budget [The Associated Press]
» Listen to the whole radio interview [WGY]