Testimony before the Assembly Ways and Means Committee hearing on the impact of the economic crisis on the state budget

November 13, 2008. Testimony submitted by FPI’s Frank Mauro and Ronald Deutsch of New Yorkers for Fiscal Fairness. To avoid deepening the already threatening recession, the state must not rely solely on drastic cuts in state spending to close current and expected budget gaps. A balanced approach includes tapping the state’s tax stabilization reserve fund (put together for this very purpose), surgical cuts in wasteful spending, and a high-end income tax surcharge like that used successfully in 2003 to close post-9/11 gaps.

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