Federal spending cuts are going to have a major impact on New York's finances in the coming months, but as of now, Assembly Democrats aren’t planning on a special session. 

The Assembly majority conference held a briefing this morning to discuss the financial impacts of H.R. 1.

State budget officials estimate a $750 million budget gap this fiscal year and a $3 billion loss in federal funding next year.

Assemblymember Phil Steck joined Capital Tonight’s Susan Arbetter with some possible revenue raising ideas floated in today’s briefing.