Ravitch has radical plan to balance NY budgets

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March 10, 2010

Anonymous The Press Republican Wed Mar 10, 2010, 01:56 PM EST

ALBANY, N.Y. (AP) — Lt. Gov. Richard Ravitch has proposed a five-year plan for getting New York's state government's notorious overspending under control by requiring balanced budgets through the fiscal year.

The proposal includes borrowing up to $2 billion a year for the next three years to right the state's finances. It would also create an independent financial review board under a law that would empower a governor to make spending cuts to balance budgets without the Legislature's approval.

Lawmakers, however, would have to approve the Ravitch proposal, which would take away some of their power to protect school aid and other spending for powerful special interests.

Ravitch, who detailed his plan Wednesday, has a long record of dealing with fiscal crises in New York.