New York Gov. Andrew Cuomo unveiled his first executive budget Tuesday afternoon - a fiscal plan that features no new taxes and no new borrowing.
Cuomo's proposed $132.9 billion budget includes the potential for up to 9,800 layoffs within the state workforce.
The governor's fiscal plan comes in at about $2.1 billion less than the current year, which totals approximately $135 billion. The state is facing a budget deficit in excess of $10 billion.
Before Cuomo took the stage to deliver his budget address, Lt. Gov. Robert Duffy said the fiscal plan for 2011-12 will make New York competitive once again.
"New York ranks, currently, 50th in terms of business climate across the country," he said. "We are bleeding people and jobs - they're leaving the state. The most important thing I can see is it stops today."
Duffy also noted that Cuomo has cut state operations by 10 percent.
"The rest of the state is being cut by approximately two percent," he said. "So for those who may feel some pain, one thing I would offer is that if you want to trade your two percent for the governor's 10 percent, he would gladly take it. He has taken the pain himself and made some very painful decisions with this process. But it has to start right at home with state government."
The budget calls for a 7.3 percent cut in state aid to school districts, down $1.5 billion from past years. That amounts to 2.9 percent less state aid in 2011-12.
Cuomo also hopes to use attrition to achieve a savings of $550 million next year.
Budget Director Robert Megna hailed Cuomo's budget as visionary.
"This is a transformational budget that stops the cycle of relentless and unaffordable spending growth," he said. "It changes the way the state does business in very fundamental ways."