ALBANY, N.Y. (WKTV) - As the financial crisis continued on Wall Street, with the Dow Jones industrial plummeting as far as 800 points before closing out at around 350, New York Governor David Paterson spoke with NEWSChannel 2 on the financial crisis, New York's recession, and what lies ahead.

Paterson predicts the 2009-10 state deficit will be a record $8 billion.

He says, however, that the deficits projected for the several years should be handled without raising taxes. The Democrat says he has agreement with legislative leaders on taking tax increases off the table at least for the next several months.

A recession and Wall Street's meltdown have led to what Paterson
says will be a $2 billion shortfall in the current budget. He and
legislative leaders plan spending cuts to balance the current $120
billion budget.

The 2009-10 fiscal year begins April 1.

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