For those in New York, the drain awaits. The state is out of money, and has more than a billion dollars in obligations coming due in the next few weeks with no money to cover for it.

And why is the state in this mess? Let me count the ways. How about putting forth a state budget that was $10.3 billion larger than last year despite a recession and Wall Street taking it on the chin (which is the single largest contributor to the state revenues). They increased spending by 8.3%, and now wonder why the state faces nothing but red ink as far as the eye can see?

Blame rests on Gov. Paterson for proposing a budget larger than last year, but special blame rests on the legislature, who saw Paterson’s budget and demanded even more spending. They pushed billions in extra spending that the state had no money to cover, and now the state faces fiscal ruin.

Nice.

Welcome to 2010 New Yorkers. [deleted]