New York State Faces Budget Deficit of $14 Billion, Ravitch Says
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New York state would face a $14 billion deficit for the year starting April 1 if it measured with a more accurate system, Lieutenant Governor Richard Ravitch said.
The state’s use of cash accounting, in which spending and revenue are recorded only as they occur, is “misleading,” Ravitch, 77, said today in an interview on Bloomberg Television’s “InBusiness with Margaret Brennan.”