Ravitch unveils fiscal recovery plan

By Mark Scott

Albany, NY – Lieutenant Governor Richard Ravitch has proposed his recommendations for getting state government's notorious overspending under control. The proposal includes borrowing up to $2 billion dollars a year for the next three years to right the state's finances.

It would also create an independent financial review board that would empower a governor to make spending cuts to balance budgets without the Legislature's approval. And the plan would also move the start of the state's fiscal year from April 1st to July 1st.

"We should adopt new laws that assure we spend only those monies we are willing to raise, and never again pretend our budgets are in balance when they are not," Ravitch said.

Lawmakers would have to approve his proposal. Ravitch has a long record of dealing with fiscal crises in New York.