Paterson Goes To Washington For A Bailout

Next month the big debate in New York after the election is over will be in Albany over the state budget. We are looking at record budget gaps for the next few years and the Governor wants the Legislature to come and cut spending wherever they can to fill the holes left by the disaster on Wall Street. Though to Paterson's credit, he is trying to find balance with a bailout from the Federal level as well. He testified in front of Congress today and made his case for financial relief.

From Capitol Confidential:

Paterson said he was appearing on behalf of New York and other struggling states to “present our case” for federal investment in state water and food projects and more spending on food aid and other social programs to help jump start the economy.

In stark terms, Paterson described the fiscal crisis in New York and the looming economic problems in as many as 39 states bracing for deficits in fiscal 2010.

“The most essential way the House and Senate can help our country is to reinvest and reignite the engine of our economy, which we see as our states,” Paterson said.

Paterson asked Congress to consider helping states by:

_ Boosting spending and eligibility for food aid. “Food stamps are the best economic stimulus,” Paterson said.

_ Increasing federal spending on block grants to states.

_ Spending federal dollars to build roads and repair bridges and water treatment facilities. “Infrastructure repair (is) something this country has not addressed in the last 50 years.”

Some economists have been skeptical that infrastructure spending would provide the kind of immediate economic relief desired in a new stimulus package, because projects could take too long to get under way.

But Paterson said in New York alone there are 40 “shovel-ready programs for improving highways and bridges” and another 50 programs are “ready to go in the area of water projects.”

Having fellow Harlem resident Charlie Rangel at the head of the Ways and Means Committee is a promising sign for Paterson, but that does not put a financial package in the bag as of yet. All of his proposals are sound and putting dollars into infrastructure pays many dividends as opposed to just a simple $600 check that Congress and Bush approved a few months back. Programs like food stamps that are geared for the poor also must be followed through with, especially since so much money has already been allocated to the wealthy financial firms that are at the heart of this gigantic mess.

Contact your Representatives in Congress to make the case for Paterson, so that the State Legislature does not need to make so many cuts to our state budget.