Spitzer On State Budget Woes: It's Wall Street's Fault

Governor Eliot Spitzer has blamed Wall Street for a reduction in state revenues -- and expect political ping-pong to be played with school funding.

Politics on the Hudson reported on State budget highlights, a $124 billion budget that will raise tax revenues and fees by $1.1 billion and use another $1.1 billion in one-shot revenues to close a potential budget gap.  State spending will be up by 5.1 percent.  Aid to public schools will be increased by $1.46 billlion, a number critics say doesn't come close to meeting CFE lawsuit demands for increased aid in education.

Spitzer said he had to make such “tough but necessary choices” because the Wall Street slide has cut anticipated state tax revenues.

It's Wall Street's fault now ...

Capitol Confidential reported that the public school lobby succeeded in getting Spitzer to remove a "private/parochial school tax deduction" from his budget proposal.

Spitzer does want to increase by $15 million, according to his office, the money that goes to these schools to help reimburse them for state education mandates -- a proposal that went waiting during the Pataki years.

Comments

[MattyN]

Welcome back, Bob Fois. Good to see you back in action on the blogosphere.

[American Daughter]

I have been reading your blog this evening, and enjoyed your unique flavor of writing. Your clever choice of some of the titles, like Bill Clinton having a dream, adds a bit of spice. Great political analysis also. I will return.