“Historically, economic downturns are the impetus for major policy disagreements—we expect some hard fights ahead next year,” he told the crowd of more than 100, which included a handful of Democratic electeds.

He also opened the door for raising taxes on the wealthy, and in the process, seemed to take a jab at Governor Spitzer’s vow to never raise taxes while he is in office.

“On the subject of taxes, I have never believed in making pledges, not given our economy, or the fact that no elected leader operates in a vacuum,” he said. “Ultimately if one idea is on the table, everything must be on the table, including the expectation that our wealthiest citizens should shoulder a greater share of the tax burden.”