Jim Sinclair Says….New York State’s Reduction Of Their Revenue Estimate Is A Fairy Tale. It Is Going Much Lower Than This Figure Would Indicate.

Posted By on March 3, 2010

NY State Cuts Revenue Estimate By $850 Million

Posted March 3, 2010

NEW YORK (Reuters) – New York Governor David Paterson and the state legislature have agreed to reduce their revenue forecast by $850 million for the next 13 months, a state report said on Tuesday.

The Democratic governor in February cut $750 million from his revenue forecast for his proposed $136 billion budget for fiscal 2011, which starts on April 1.

“The national economy, and to a greater extent, the New York economy, will experience a weak recovery which will translate into slow receipts growth,” said the report on the state economic and revenue consensus estimate.

Paterson, whose ability to lead has been called into question by a probe into whether he and state troopers tried to quash a domestic violence complaint against an aide, met on Tuesday with legislative leaders to discuss the budget.

On Monday, Paterson forecast that the deficit in the new fiscal year would grow to around $9 billion from his previous estimate of $8.2 billion because a number of payments will not arrive on time, including $300 million from a slot machine vendor for the Aqueduct Racetrack.

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