Revised budgetary figures released Friday show New York state is facing a $10 billion deficit over the next two years and those figures will continue to swell to a cumulative total of more than $44 billion in the 2012-13 fiscal year.

Gov. David Paterson said the updated calculations have tacked on another billion dollars to this year's shortfall, which is now projected at $3.2 billion, and then more than doubling to $6.8 billion the following year.

"Revenues have continued to plummet below already conservative projections and immediate action is needed to restore the fiscal integrity of our state budget," he said. "Delaying the tough choices we must inevitably make will do nothing besides make those choices more difficult."

The deficit has grown as state wages fell 15 percent in the first quarter of 2009, the largest quarterly decline in the 34-year history of that data set, according to the Bureau of Labor Statistics' quarterly census of employment and wages. Annual state wages are now projected to fall 5.8 percent in 2009, which would be the largest yearly decline since such data has been recorded. Personal income and non-agricultural employment are also projected to decline by 2.8 percent and 2.3 percent, respectively, in 2009.

Budget officials said General Fund personal income taxes through the second quarter of the 2009-10 fiscal year were $606 million below July projections. Overall, year-to-date 2009-10 personal income tax collections have declined by $4.4 billion, or 22 percent, from 2008-09.

Also contributing to the added deficit is the expected decline in Wall Street bonuses for the 2009-10 fiscal year, which are now revised downward to 22 percent from July projections of 19 percent.

Paterson has presented state lawmakers his plan to cut the red ink by $5 billion over the next two years and wants the Legislature to begin addressing the fiscal situation in a Nov. 10 special session in Albany.