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For Release — August 20, 2008

Business Council statement on special session

ALBANY—“The legislature's decision to reduce spending despite massive special-interest pressure and hysterical advertising attacks is a victory for all New Yorkers,” said Kenneth Adams, president & CEO of The Business Council of New York State.

“Governor Paterson chose a bold, prudent and responsible course by confronting New York's fiscal crisis. The legislature has answered the Governor's call and responded with real cost reductions,” added Adams.

“While these “cuts” simply reduce the growth in state spending this year to more reasonable levels, we recognize that they are difficult choices, especially in an election year and the legislature should be commended for taking this action,” said Adams.

“The State Senate Majority showed true courage in rejecting the Assembly's call for new taxes. New York cannot tax its way out of this crisis. New taxes will only do more harm to economy. The tax and spend business-as-usual policies in New York created this crisis. Now the state must chart a new course to spend less, borrow less and tax less,” concluded Adams.

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