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The pending cuts come after Paterson earlier this morning reiterated his contention that New York may be facing the worst financial crisis since the Great Depression. The state faces a $6.4 billion budget deficit next year, which the governor said could grow $26.2 billion over the next three years due to a weakening economy and deep problems on Wall Street, which is a major economic engine for the state.
Earlier Tuesday, Paterson suggested during an interview on Talk-Radio 1300 that the state's looming fiscal crisis may turn out be the worst since the Great Depression.
``We may be as challenged as we have been since the Great Depression,'' Paterson said, repeating his fear that state revenues are about to ``fall off the table'' due to Wall Street's woes.
BlackRock's Bob Doll became the latest market pro to forecast a worsening of the credit crisis, telling CNBC Wednesday that the financial sector will only hit bottom after a round of consolidation and layoffs and the end of capital raising.
"We are still of the view, stubborn as we are, that we have not seen the end of the problems and therefore financials have not made a relative bottom," said Doll, BlackRock's global investment adviser for equities, during a wide-ranging panel discussion.