Statement from Assemblyman Oaks Regarding the Passage of the 2008-09 State Budget
New York state finally has a 2008-09 budget, nine days late; but, not the budget that I had envisioned at the start of negotiations and not a budget that was negotiated in an open process.
The taxpayers of New York state will be saddled with over $882 million of new taxes and more than $1.5 billion in new borrowing. The overall spending authorization will rise by 4.4 percent over last year and at a time when state revenues are declining and there is much uncertainty in the economy.
Although spending was approved at a lower rate than former Governor Spitzer’s original proposal in January, this budget still spends, taxes and borrows too much at a time when the legislature should have done a better job of holding the line on spending.