The $121.4 billion fiscal 2009 budget New York passed this month contains an unsustainable level of spending, significantly increases the state's debt, and includes risks that could create a nearly $1.5 billion shortfall if revenue doesn't materialize, according to a preliminary analysis released Friday by Comptroller Thomas DiNapoli's office.

"It's clear this budget continues New York's long but not-so-glorious traditions of spending more than the state takes in and borrowing too much," DiNapoli said in a press release. "The reality is that the economy is in rough shape and the worst may still be around the corner."

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