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We didn’t rejoice at the slight increase. We're not going to cry at a slight downturn.

Governor "optimistic" about Wall Street's future

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Governor Cuomo says he's staying optimistic about Wall Street and the financial sector's future right now. Karen DeWitt reports the governor's saying he hopes the downturn will be just a "blip" on the screen.

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Reported by

Karen DeWitt
NYS Capitol Correspondent

Cuomo says he hopes the downturn on Wall Street is situational, brought on by a combination of gridlock in Washington over the debt ceiling and European debt woes. But he says if the economic trouble continues, the state budget does have a cushion. New York collected $800 million more dollars than expected in the first three months of the year, a fact the governor’s budget office downplayed at the time. 

“We didn’t rejoice at the slight increase,” said Cuomo. “We’re not going to cry at a slight downturn.”

The governor say he believes the budget is “fundamentally still on track”.

The governor spoke at a bill signing ceremony for the SUNY 2020 measure, which will permit campuses to increase tuition each year for five years, and will eventually lead to $145 million dollars in new development at university centers. 

State Comptroller Tom DiNapoli agrees the state is better positioned now, with a balanced budget, to weather any new economic storm then in past years, when the state ran continual mid-year deficits.

“We have a much more realistic budget in place,” said DiNapoli.

DiNapoli says he remains concerned, though,  and says the recovery is “very tenuous and very slow”.

Cuomo says he does expect that tax revenue collections from Wall Street will likely be down, at least for the next quarter.

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