The financial crisis casts a wide net from Wall Street to Main Street, and the impact on New York state could be severe.

State Comptroller Thomas P. DiNapoli gave a preview of what to expect Monday when he estimated that New York may lose $3.5 billion in tax revenue between now and March 2010.

Some 40,000 jobs in the state may disappear as well during that time, he said, noting that each Wall Street job lost could mean that three others will go as well.

So long as credit is tight, many businesses and jobs will be vulnerable. While the heaviest job losses in the state are expected to be in New York City, that affects the rest of New York as well.

Wall Street bonuses, which traditionally provide significant tax revenue for the state, may be cut in half.

Mr. DiNapoli said in a statement Monday: "The preliminary September numbers show the fallout from the Wall Street crisis is starting to hit the state hard. The volatility in the markets is creating difficulty in predicting budget revenues, and today's vote in Washington will only increase that volatility."

"But this is a warning bell," he continued. "The state has to watch its spending. Every dime counts in a crisis."

Gov. David A. Paterson has shown leadership by cutting spending and urging the Legislature to do the same. Those actions have "helped control the budget crisis," Mr. DiNapoli affirmed. More careful oversight of state spending will be needed.

The governor will be meeting with state legislative leaders and Mr. DiNapoli later this week. The purpose, as the governor sees it, will be "to ensure the state's fiscal stability in response to the turmoil besetting the nation's markets and the certain loss of jobs and revenues from New York's financial industry."

So far, Albany has rolled with the punches pretty well. There are more rounds to come.