Albany, NY - New York Gov: U.S. In A National Crisis Of Bankrupcty

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Albany, NY - New York Gov. David Paterson said Thursday the country faces "a national crisis of bankruptcy" unless state and federal governments revamp their budgets with a combination of new cuts and new spending to stabilize the economy.

In a speech to the National Press Club, Paterson offered a disturbing vision of the economic turmoil that he said will continue to shake the economy as it tries to recover from the housing slump, a credit crunch, and rising energy prices.

"New York State and the United States are experiencing a downturn in the economy that is worse than the energy crisis of 30 years ago, that is greater than the economic recession of 40 years ago and may yet be as challenging to the American population as even the Great Depression. This crisis is as undeniable as it is dangerous," said Paterson.