Halfway through the state's fiscal year, New York is dealing with a $350 million hole in its budget.
Governor Andrew Cuomo released his mid-year budget assessment Monday, suggesting he may have to call a special session of the State Legislature if the numbers worsen. On the Capitol Pressroom on WBFO, Cuomo said his budget office is coming up with a fiscal management plan to close the deficit.
Cuomo's budget office says next year's projected deficit could reach $3.5 billion. The governor declined to speculate on what impact this latest crisis will have on his pledge to increase education aid by four percent next year.