A serious decline in revenues could result in a state budget deficit of $4.3 billion, which would be $651 million worse than predictions of three months ago.

The projection is being disputed by state Republicans, but while the specific numbers are debatable, the fact remains that the projected deficit is enormous.

And while it's certainly not clear at this point where the compromises should be made, the time to start looking at savings - and yes, cuts - is now.

Gov. Eliot Spitzer and the state Legislature will need to work out deals on several big-ticket items.

Spitzer may seek to borrow as much as $175 million for work on road, rail and air infrastructure, arguing the investment is needed to attract and retain businesses; He wants to spend more than $100 million a year for five or six years for renovation of the state's parks system; and he'll seek to continue funding for Operation Impact, where state troopers and other resources are moved around the state to combat sudden rises in violent crime.

We can only imagine what kind of “budget season” we might be in for if these issues are left unattended until the spring of 2008.

The growth in state spending needs to be kept to a minimum, and now is the time to make some tough decisions, especially considering that state offices are not up for election this year.

This is a good time for our representatives in Albany to find some cuts they might be reluctant to advocate for in an election year.

Members of the state Legislature can't say they haven't been warned.

The state is looking at a budget deficit of perhaps hundreds of millions of dollars more than anticipated.

The time to act on it is now.