November 25, 2009

MALONE SAYS LATEST TREASURY DEPARTMENT NEWS REINFORCES NEED TO FREEZE SPENDING OCTOBER REVENUES OFF BY $250 MILLION

With today’s news from the Treasury Department that the state’s October revenues were off by $250 million and nearly $500 million for the first four months of fiscal year 2009-10, Assembly Republican Budget Officer Joe Malone issued the following statement:

“Today’s news confirms the harsh reality that we are still in a financial crisis and all new spending by state government must be frozen. We are only one-third of the way through our fiscal year and revenues are significantly less than anticipated. It would be irresponsible to consider any type of spending that adds to the mounting deficit. Any proposals that rely on dipping into Treasury’s coffers should be tabled. It is imperative that we exercise stringent discipline in order to right our fiscal ship.”