New York Gov. David Paterson says the recession, overspending by the state and Wall Street’s meltdown will result in a record $47 billion deficit over the next four years.

He says the current budget’s shortfall is $1.5 billion and the next fiscal year beginning April 1 will include a $12.5 billion deficit. A month ago, the current deficit was estimated at $1.2 billion.

He says the projected shortfalls in revenue compared to spending and debt are worse than the state faced after the Sept. 11, 2001, terrorist attacks and require drastic action to reduce spending.

He notes the state budget has increased from about $62 million in the 1994-1995 fiscal year to more than $120 billion today.

(CBS2 HD)