At his first State of the State address in January 2009, Paterson said "My fellow New Yorkers: let me come straight to the point—the state of our state is perilous. New York faces an historic economic challenge, the gravest in nearly a century. ... The pillars of Wall Street have crumbled. The global economy is reeling. Trillions of dollars of wealth have vanished." New York faced a budget deficit of $15 billion, and state debt approached $55 billion. Paterson's budget proposal called for dramatic across-the-board cuts to various state agencies; he described those cuts as "deep and painful". Paterson also proposed to close the 81-year-old Reynolds Game Farm, in Tompkins county, the state's only remaining pheasant facility, but changed course following criticism from sportsmen's groups.