Speaker Silver joins Gov. David Paterson at a Leaders’ meeting with other Legislative Leaders and Comptroller Thomas DiNapoli to discuss a response to the downturn in the nation’s economy and its impact on the state budget.

Leaders Meeting Statement on Fiscal Condition  

And governor I do want to thank you. I want to acknowledge your leadership in dealing head on in this crisis in dealing from the front as we grapple with this crisis. I also want to acknowledge the great work of our Comptroller Tom DiNapoli who is here probably at his first leaders meeting today but is being very productive in analyzing the state's economy as the events are taking place.

Even before the tumultuous events of the past few weeks, governor you sounded the alarm and helped to focus the attention of our state on the looming crisis that was, as it turned out, just around the corner. In August, we came together on a bipartisan basis, and in record time, we opened this budget and engaged in the first round of belt tightening that will help New York navigate the remainder of this fiscal year. That was the right thing to do then and it still is. We need to act. Delay will only put off the inevitable and limit our ability to deal with this crisis without resorting to unacceptable and unsustainable fiscal gimmicks.

I welcome your commitment governor to submit your Executive Budget early and pledge that the Assembly will work closely with you and our colleagues in the Senate in the same bipartisan fashion to deliver a budget that will safeguard not only our credit rating but our shared priorities for the working men and women of New York.

Hopefully, as we speak, our colleagues in government in Washington are preparing to give final approval to vital legislation to begin to ease the credit crisis and restore confidence in our markets and in our economy. A worsening of the credit crisis would put not only New York City's financial sector but small businesses people, homeowners and ultimately all New Yorkers at risk of a much deeper economic calamity.

But the federal legislation is not enough. It will not provide additional unemployment benefits for the tens of thousands of unemployed New Yorkers whose benefits are expiring each week that we continue in this crisis. And it will not provide financial mortgage relief to the thousands of New Yorkers facing foreclosure, and it will not help with what unfortunately appears to be staggering home heating bills as the weather begins to turn colder.

As we move forward and we bring our own fiscal house in order, we will need to tighten our belts and inevitably make some very tough decisions. But we also need to insist that government does more to help middle class families and small business people who are struggling.

And while we will not shrink from our tough choices, we must remember that it is precisely in times like these when government must step in and provide relief and stimulate our economy. Just as the fed has injected liquidity in the market government has a role to play in putting unemployment checks and home heating relief in the hands of working people who need and who can spend it and get our economy moving again.

In the beginning of November, all of us are required to release our revenue forecasts for the current and upcoming years. I want to assure you governor that I will call the members of the Assembly back on November 18 and begin to work with them before November 18 to make sure that we are successful in this difficult circumstance.

Earlier this week, I called for hearings on the impact of federal action, if any, on the New York economy. Our Assembly Committees are beginning to schedule budget and related hearings. Our Ways and Means committee has targeted October 23, in New York City to begin the public process of assessing the consequences of this crisis and the action the feds may have or not taken up to that point.

We have also asked the Insurance Committee to examine the actions of our bold Superintendent of Insurance Dinallo in relation to the insurance crisis and some of the money issues that deal with insurance regulation within his jurisdiction. I can assure you that once you recommend your budget modifications for this year, the Ways and Means committee will immediately begin their review and their public review on your new recommendations.

Be assured governor, we will join you. We will join our colleagues in the Senate in doing what has to be done to respond to this crisis. And let me close by just commending you for the leadership that you have shown to all of us in this crisis.