NY, SC govs disagree on more stimulus amid crisis

Financial Crisis Posted on

Two governors offered Congress starkly different solutions Wednesday for the ailing economy, with New York's David Paterson seeking immediate aid from Congress, and South Carolina's Mark Sanford urging lawmakers not to throw more taxpayer money at the problem.

Paterson, testifying Wednesday before the House Ways and Means Committee, asked Congress to include aid for state budgets as part of any new economic stimulus package. Lawmakers are considering a stimulus package that could be voted on after the Nov. 4 election.

"Just like the financial services industry, we need a partner in the federal government in order to help stave off an impending financial calamity and stabilize our fiscal condition," said Paterson, a Democrat.

On Tuesday, Paterson said New York is facing a $47 billion deficit by 2012.

Twenty-nine states closed budget gaps totaling $48 billion for the 2009 budget year, and the projected shortfall for the following year is $100 billion, said Paterson.

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