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Governor Plans Televised Address on Economic Crisis

By Mark Scott

Albany, NY – Governor David Paterson is planning a televised address Tuesday afternoon to alert state residents of an economic crisis in New York.

In New York City yesterday, Paterson would not say how he plans to deal with the crisis or whether he plans to bring lawmakers to Albany for a special session. He claims he's not trying to panic New Yorkers.

"We don't have to panic because there are ways we can respond," Paterson said. "But we are going to have to respond immediately."

The State Legislature approved a $122 billion budget in April. Paterson has been saying he believed the budget would hold up though cuts would be needed next year to close a looming deficit.