By VALERIE BAUMAN, Associated Press Writer

ALBANY, N.Y. (AP) - New York's Legislature and Gov. David Paterson have approved cutting state spending by more than $1 billion this year and next to trim looming deficits.



While the governor and legislative leaders said it was a remarkable event in an election year, the governor said they weren't celebrating. With the cuts, the state's deficit will be $5.4 billion. "These are very serious times," he said.



The Senate returned Wednesday morning to give final legislative approval of the deal struck late Tuesday night to cut some $427 million from the current state budget, with recurring savings next year.



"I think the governor's approach to share the pain, if you will, to cut a little bit across the board, is the right approach," said Sen. George Maziarz, a Monroe County Republican. He noted all the lawmakers were aware of the state's bad economic news.