Assemblyman Dave McDonough (R,C,I – Merrick) has come out against any proposal that New York State borrow the money to close its approximately $9 billion budget deficit. Amid increased discussions that borrowing is a possible solution to the state’s fiscal problem, the Assemblyman has promised to vote against any budget that does so. McDonough, who was named as the Assembly Minority appointee to the Transportation Budget Committee, is looking forward to exploring all cost-cutting possibilities with his colleagues in the coming weeks.

“For Sheldon Silver, Governor Paterson or Lieutenant Governor Ravitch to talk about borrowing money, in order to pay for a $134 billion budget, is premature in my opinion,” said Assemblyman McDonough. “We have not yet convened the budget committees that look at our spending priorities and necessities before passing on their recommendations to both chambers of the legislature. These committees, which were done away with last year, are essential to passing an open and transparent budget that shows the taxpayers not just where their money is spent, but why it is spent in the first place.”

Earlier this year, Governor Paterson presented his budget, which increased spending in fiscal year 2010-11 by $1 billion over fiscal year 2009-10 and contained a projected deficit of $8 billion. In response to a continued drop in state revenue since that time, Governor Paterson and legislative leaders revised that number to $9 billion, while the Assembly Minority Conference forecasts the estimated budget gap as high as $9.5 billion.

“As I have often said, 2010 must be the year New York finally comes to grips with our fiscal crisis and act responsibly,” continued McDonough. “Since borrowing money got us into our current fiscal quagmire, and we cannot even afford to pay down the interest on that money, how can legislators justify borrowing more money? Next year, the federal stimulus money runs out. So we will only be further compounding our future problems if we borrow now. I’m against borrowing and will vote against any budget that borrows rather than cuts spending.”