Statement From Speaker Silver on State Economy

The Assembly has long recognized that New York, like the rest of the nation is facing difficult economic times. For more than a year, I and my Assembly colleagues have warned that our state was entering a period of economic decline as a result of failed federal policies. We forecasted the recession and called attention to potential weaknesses in the state's revenue stream. In January, the Assembly advanced a plan to address the subprime mortgage crisis and in June, we acted on a plan to help homeowners pay their winter heating bills.

We will review the proposals advanced today by the Governor and will continue to work with the Governor and with our colleagues in the Senate to address the challenges brought on by the current recession.