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For Release — November 12, 2008

Business Council supports Governor's call for reduced spending

ALBANY— “Gov. David Paterson has presented a plan that makes difficult but necessary choices to reduce state spending to close an unprecedented budget gap that gets worse by the day,” said Kenneth Adams, president & CEO of The Business Council of New York State.

“The Governor is correct when he says the state's current fiscal crisis has been caused by years of increased spending at unsustainable levels. The legislature must partner with the Governor and take action next week to face this crisis in a way that reduces New York's addiction to spending,” added Adams.

“The Business Council said in April when the budget was passed that New York could not afford the planned spending. The downturn in our economy and the loss of revenue from Wall Street has turned a bad situation into a crisis. Failure to act now will only further magnify the painful choices that will have to be made later,” said Adams.

“New York's tax burden is already crushing for businesses and individuals. The state simply cannot tax its way out of this crisis, which has been created by unsustainable spending,” said Adams. “Should New York turn to the federal government for help its request will have more credibility if the state can show it has taken action to get its finances in order.”

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