“When you’ve got a problem, the first step is to acknowledge it. Twelve days ago my office reported that business tax revenue has declined. Today, Governor Paterson painted a sobering picture of the state’s growing budget problem for all New Yorkers. Now it’s time to fix it.

“What we’re facing today didn’t start with the economy’s downturn. This started years ago. New York State has spent money it didn’t have and borrowed to make up the difference. We used one-shots and risky revenues to pay operating costs and ‘balance’ the state budget.

“The Governor plans to turn this around. He’s set a course toward financial stability. It’s not an easy course. There will be pain and it will take time. It took us years to get here and it will take us years to get back. Delay only increases the degree of difficulty.

“My office will continue to work with Governor Paterson and the Legislature to restore fiscal strength and economic vitality to New York.”