New York lawmakers reached a deal to close the state's $1.6 billion currrent year deficit, Gov. David Paterson announced yesterday.

"We have a long way to go before we close the projected $13 billion deficit for next year but this is a good start," Paterson said in a statement. "Half of the $1.6 billion package includes recurring savings that will help us in the future as we continue to put measures in place to strengthen our financial position."

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