In his first state of the state address, New York Gov. Andrew Cuomo on Wednesday said the state must reduce spending and close a $10 billion budget gap in the next fiscal year. 

“We need to start with an emergency financial plan to stabilize our finances,” Cuomo said in front of a crowd of lawmakers and the public in Albany. “We need to institute a wage freeze in the State of New York, we need to hold the line on taxes, we need a state spending cap, and we need to close this $10 billion gap without any borrowing.”

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