ALBANY - Governor David Paterson Thursday called the leaders of the State Legislature together to take additional steps to ensure the state’s fiscal stability in response to the turmoil besetting the nation's markets and the certain loss of jobs and revenues from New York's financial industry.

The Governor invited the legislative leaders to convene in New York City on Friday, October 3, for an open meeting to discuss the latest revenue projections, the effects of the nation’s financial crisis on the State Budget, and to develop a plan of action to address the worsening situation.

“We have already taken extraordinary action to contain state spending, but the events that unfolded in our state and nation over the last two weeks have created an urgent need for a reassessment of the current year’s budget and the planning for next year’s,” said Paterson. “I am asking the leaders to meet for an open, transparent and frank discussion about the challenges ahead and the solutions we need.”