Lawmakers get back to business in Albany. Monday marked the first full session day since Governor Paterson delivered his State of the State address. As lawmakers embark on a new year, it is far from a fresh start as many of the same issues continue to plague New York. Erin Billups has more.

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"We must once again find the will and the way to close this state's multi-billion dollar budget deficit and help put this state back on the road to recovery," said Assembly Speaker Sheldon Silver.

State Comptroller Tom DiNapoli says that multi-billion dollar deficit could be as large as eight or nine billion dollars in the 2010-2011 budget. And while the state is looking forward to revenue from bigger than expected Wall Street bonuses, DiNapoli says it still won't be enough.

"We are by no means out of the woods in terms of managing our budget in New York," DiNapoli said.

While the bonuses will be large, many banks may chose to dole out stock options rather than cash, which the state can't tax. Already, the governor is preparing lawmakers and the public for what he warns will be deep cuts.

"The reality is that we have very depleted resources, we don't have short term investment pools, rainy day funds, all that's gone," said Governor David Paterson.

The Governor maintains he's not interesting in taxing any further, but he gave himself wiggle room during a news conference Monday, saying dedicated taxes on specific items, like a cigarettes, with the revenues going exclusively toward areas like health care funding are still on the table.

"If the revenues were to continue to decline, I want to make sure that everybody understands what that means. Because it would mean heavy, heavy cuts to a lot of services and to some of the major services in the budget," said Paterson.

Paterson says in his budget address on January 19th, he may also include revenue raisers like allowing ultimate fighting competitions to take place in New York to offset the deep cuts. It's just one example of a plan several lawmakers are opposed to, but could help keep the state out of the red.