New York Gov. David Paterson yesterday announced the state now faces a cumulative $47 billion deficit over the next four fiscal years, and the current budget shortfall stands at $1.5 billion, up from the $1.2 billion gap officials disclosed earlier this month.

The $47 billion total shortfall includes the $1.5 billion deficit for fiscal 2009, which began April 1, a $12.5 billion gap for fiscal 2010, followed by deficits of $15.8 billion and $17.2 billion in fiscal 2011 and fiscal 2012, respectively.

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