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For Release - May 1, 2008

Business Council says New York must face reality of “financial cliff”

ALBANY— The Division of Budget's new fiscal forecast for New York shows the state facing unprecedented budget deficits over the next four years. Kenneth Adams, Business Council of New York State president and CEO made this statement in response:

“The shocking numbers in the latest fiscal forecast should make it clear to everyone that New York government needs a huge change to dig out of this hole. No Governor and Legislature have faced a budget crisis of this magnitude. Continuing to tax and spend too much will only make this terrible situation worse.

The forecast for $27.5 billion in deficits over the next four years is stunning. Business as usual at the Capitol will not fix this. A new fiscal discipline is needed in this state to create economic growth, good jobs and strong communities.

In the face of an unprecedented crisis New York's leaders must begin immediately to take dramatic action to lower spending and reduce taxes. The crushing tax burden faced by New York's residents and businesses must be reduced to bring New York back.”

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