Today Governor Paterson put forth a bold plan to address New York's fiscal crisis.

His plan recognizes the painful reality that this crisis is unlike any we have faced in our adult lives and will require deep cuts. I recognize that reality as well, and I am prepared to act. Tomorrow, the Assembly Ways & Means Committee will begin two days of hearings on the Governor's proposals in preparation for next week's special session.

I disagree with my colleagues in the current Senate Majority who suggest that the crisis is exaggerated. If anything, the crisis is even greater than the Governor projects and it will get worse before it gets better.

On November 5th, the Assembly released its Mid-Year Report on Economic Forecast and Revenues in which we projected an even larger deficit than the Governor projected today, in both the current fiscal year and the year beginning April 1, 2009. We also project that the overall economic outlook for the state for 2009 is bleak.

The Assembly will not shrink from tough choices and plans to confront New York's fiscal crisis head-on, based on the principle of shared sacrifice.