Fiscal Deal Reached in NY

New York State lawmakers have reached an agreement to close a $1.6 billion budget deficit for the 2008-2009 fiscal year, according to the governor's web site.

Neither Governor David Paterson nor legislative leaders would give specifics of the deal, but it's believed to include not spending any more money on earmarks during this fiscal year, and cutting money for some agencies and authorities.

Paterson says although this deal is a start, they still have a long way to go before closing the projected $13 billion deficit for next year.

Photo courtesy of Paterson's office