NEW YORK (Reuters) - New York state may need a dose of the same medicine that saved New York City from a near bankruptcy in the 1970s as the state struggles with a five-year, $60 billion structural deficit, Lieutenant Governor Richard Ravitch said on Wednesday. Ravitch, a long-time financial guru and public servant, outlined a plan that would create a financial ...

NEW YORK (Reuters) - With Governor David Paterson enveloped in scandal, New York's lieutenant governor is leading the notoriously difficult budget process and freeing up his boss to fight for his political life, experts say. Richard Ravitch, who would assume the top job should Paterson be brought down by inquiries into whether he abused his office, puts the state in ...

ALBANY (Reuters) - New York Governor David Paterson on Tuesday said the multi-year deficit-closing plan his lieutenant governor is devising might seek to give governors "extra authority" to cut over-spending. New York's financial situation will worsen over the next five years because spending is expected to rise 7.5 percent but revenues will only climb 3 percent, Paterson told reporters ...