Michael Gormley of the Associated Press writes - “A day after the Legislature passed one of the latest state budgets in New York history, financial and business analysts said the budget overspends and overtaxes while Gov. David Paterson said the work isn’t done.

The lame-duck Democrat says he’ll push lawmakers to approve his property tax cap, which appears to have little chance in the Assembly. On Wednesday, he repeated his threat to bring the Assembly back to Albany in October — the height of election season — to face a vote on his proposal to limit local property tax growth to 4 percent annually.

Powerful Assembly Speaker Sheldon Silver, a Manhattan Democrat, said he remains “open” to addressing the issue, but he noted the Assembly sought property tax relief by fighting to restore Paterson’s 5 percent cut in aid to schools to contend with a $9.2 billion deficit. Paterson vetoed that attempt…

“It’s official: Albany has enacted the anti-recovery budget,” said Kenneth Adams, CEO of the state Business Council. “When nearly every other state has made the tough decisions to hold the line on spending and taxes, New York has increased spending in the last two years by nearly $14 billion and increased our already sky-high taxes by over $9.5 billion, despite the steepest economic downturn in eighty years.”

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