Well, this is very good news considering all the craziness in Albany over the past month - starting with revelations that Gov. Spitzer was named as a client of a prostitution ring leading to his resignation and ascension of David Paterson as governor. The calm lasted maybe 24 hours as Paterson then revealed that he had extramarital relations and that he had used campaign funds to pay for hotel rooms, food, and personal items in violation of state law.
Somehow, through it all, a budget framework appears to have been decided before April 1. The budget bills still have to be worked out, but the three men who decide such things, Governor Paterson, Assembly Speaker Shelly Silver, and Senate Majority Leader Joe Bruno, have figured out the basics.
Let's not get too excited. The details on some parts have to be worked out, but this much is sure - the budget will be growing far faster than state revenues - which are dependent upon a strong Wall Street. With Wall Street having a topsy-turvy period, Albany continues to spend like drunken sailors. Spending is up between 4-4.5%, and Paterson's planned cuts have been restored to the budget. On the plus side, no additional income tax will be imposed on taxpayers making $1 million or more.
While the Times is framing the troika of Paterson, Silver, and Bruno as trying to trim the budget, the fact that the budget has grown shows just how empty all that talk is. This isn't a lean budget, but one that continues to spend at a rate that exceeds the state's long term ability to pay its bills.
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