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CRISIS PUTS NY IN 'SELL' HELLGOV EYES BRIDGE, ROAD PRIVATIZINGGov. Paterson yesterday calls for a special session of the Legislature to close a ballooning budget gap.ALBANY - Warning of an approaching economic calamity, Gov. Paterson yesterday called an emergency session of the state Legislature - and raised the specter that New York may have to sell off roads, bridges and tunnels to close a massive budget deficit.In a rare televised address, the Democratic governor cited "private-public partnerships" involving the sale of state assets - widely condemned by critics as fiscal gimmickry - as one way to stem a tide of red ink brought on by the sagging economy and woes on Wall Street.
The "sale" of state assets has been tried in the past during difficult economic times and has been met with condemnation from budget watchdogs.The most famous - or infamous - example: former Gov. Mario Cuomo's sale of Attica prison to a semi-independent state agency in 1991 to raise $200 million. Many critics noted that the bond sale cost the state hundreds of millions extra over the next few years.