Report: Future ‘Dire’ For Governments In New York

ALBANY, N.Y. (AP) – A non-partisan task force has found New York’s state and local governments remain on an unsustainable fiscal path despite some improvements and a public perception in polls that the outlook is far brighter.

The State Budget Crisis Task Force led by former Democratic Lt. Gov. Richard Ravitch and former Federal Reserve Chairman Paul Volker says Tuesday the issue is of “dire importance.”

They cite the state’s longstanding debt and recurring budget deficits. They say there is no assurance the state will be able to sustain its taxing and spending practices.

EXTRA: Read The Report (PDF)

The report comes as Gov. Andrew Cuomo is touting his fiscal accomplishments and public opinion polls that show people believe New York is headed in the right direction for the first time in years.

(Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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