NEW YORK - Ongoing budget cuts and an emphasis on structural solutions are highlights of New York State's proposed 2013 budget said a report published Tuesday by Standard & Poor's Ratings Services.

"Out-year budget gaps have been significantly reduced because of budget-closing actions taken last year," said Standard & Poor's credit analyst David Hitchcock. "New York State's economy, however, remains dependent on the financial sector, including Wall Street bonuses. Therefore, any deterioration in the financial markets could have a negative impact on the state's tax receipts," Hitchcock added.

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