Ravitch has radical plan to balance NY budgets
Albany, NY (WBNG Binghamton) Lt. Gov. Richard Ravitch has proposed five-year plan for getting New York's state government's notorious overspending under control by requiring balanced budgets through the fiscal year.
The proposal includes borrowing up to $2 billion a year for the
next three years to right the state's finances. It would also
create an independent financial review board under a law that would
empower a governor to make spending cuts to balance budgets without
the Legislature's approval.
Lawmakers, however, would have to approve the Ravitch proposal,
which would take away some of their power to protect school aid and
other spending for powerful special interests.
Ravitch has a long record of dealing with fiscal crises in New
York, and he detailed his plan today.
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