The Morning Read: Tuesday, July 29, 2008

David Paterson is expected to tell New Yorkers the state is facing a deficit as high as $6.4 billion–Sheldon Silver, however, thinks the governor is overstating it.

The televised speech is expected to last less than five minutes.

Jacob Gershman writes that, compared to previous governors, “[T]he fiscal hand that Mr. Paterson has been dealt does not appear, at the moment, to be quite as alarming.”

Public employees may not understand the crisis, Paterson said.

Paterson is expected to identify essential and nonessential services, and then begin cutting, instead of making across-the-board cuts.

Nicholas Confessore notes that some of Paterson’s potential 2010 opponents–Michael Bloomberg, Rudy Giuliani and Tom Suozzi–all have reputations for fiscal prudence.

Despite the economic woes, Paterson has four upcoming fund-raisers in the Hamptons.

The New York Post editorial board said, “Paterson’s likening of the present situation to the ’70s crises is probably a bit overstated.”

Invoking George Pataki, Bill Hammond writes, “The real crisis in Albany isn’t a shortage of revenue. It’s an excess of spending.

This editorial from a newspaper upstate notes that two of the three people negotiating next year’s budget have never done it before.

Bloomberg said the city faces a $2.3 billion deficit, and rescinding the property tax cut won’t help much.

At a public meeting yesterday, Bloomberg complained, “Unfortunately, every time we negotiate a contract with the unions, the unions then go around us to Albany, and Albany gives away the store.”

Richard Brodsky has questions about the cost of constructing Yankee Stadium.

The White House is predicting a deficit too.

John McCain is having a fund-raiser tonight in Brooklyn Heights, specifically for his Democratic supporters.

Sadly for those still holding out for the "dream ticket," The New York Times reports that Hillary Clinton will not be Barack Obama’s running mate.

Virginia Governor Tim Kaine, though, is favored to be Obama’s V.P., reports Politico.

And The Washington Post.

Al Sharpton heads to trial.

An internal report says the Justice Department hired and fired people based on politics, in a really obvious way.

The New York Times editorial board thinks "Michael Mukasey’s response was disgracefully lukewarm.”

And Mark Penn writes in Politico that, despite the hype about the "youth vote," there are still more older voters. The Morning Read: Tuesday, July 29, 2008