Halfway into its fiscal year, New York’s projected budget deficit has grown to $4.1 billion, up from $3 billion last month, as personal income tax revenues have dropped, state Comptroller Thomas DiNapoli said yesterday.
“If we stay on the current path New York will run out of cash,” DiNapoli said in conference call with reporters. “The first six months have not been good ones for New York. ... Spending decisions made in the spring are not sustainable.”