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Observers list ways NY can tighten belt

Cost reduction, millionaire tax suggested

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How serious is New York’s looming fiscal crisis? It’s so serious it may force the state to do something that’s hardly considered its strong suit: cut spending. Last week Gov. David Paterson announced that projections for next year’s budget deficit had risen from $5 billion to $6.4 billion, the result of falling revenues and rising government expenses, and that this year’s budget is running a $630 million deficit. In a televised address, he said that ...

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