Press-Republican

Local News

March 10, 2010

Ravitch has radical plan to balance NY budgets

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.

Text Only | Photo Reprints
Breaking News
New Today
Local News

Recent Article Comments
Albany Round-up

Photo of the Day
Strange News
Videos: Editor Picks
Obama Scraps Birth Control Mandate US Airmen's Killer Sentenced to Life in Germany Raw Video: Deadly Blasts in Syria Romney Slams President Obama at CPAC Gingrich: Pres. Obama 'waging War on Religion' Navy Names Ship for Gabrielle Giffords 5 Killed in Wrong-way Crash on I-10 in La. Denver's Largest-Ever Drug Bust Nets Dozens Marines: No Punishment for Nazi-like Flag Vets Look to Translate Military Skills Into Jobs Raw Video: School Bus Burst Into Flames LA School Reopens Amid Sex Abuse Scandal $25B Settlement Reached Over Foreclosure Abuses Pentagon: Allow Women Closer to Front Lines LA School in Sex Abuse Scandal Reopens Raw Video: Italy's Mount Etna Bursts Into Life Greeks March; Angry Despite Debt Deal Air Force Airlines: Leaders Get Polished Service Ga Girl Fights Off Kidnapper at Walmart Skip the Coffee Cup and Inhale Your Caffeine Fix