ALBANY  Moody’s Investors Service this week warned that the state’s credit rating could be downgraded if the Legislature does not take serious steps to close the $3.2 billion budget gap and revenue continues to lag.

The warning, released on Thursday, comes as Gov. David A. Paterson presses lawmakers to come to a consensus on how to address the deficit after weeks of sputtering negotiations. Mr. Paterson has urged reductions to schools and health care, which have long been third rails of state budget politics.

“This is a lot more serious than the interests of some of the legislators who would rather go home and be heroes saying, ‘Look, I didn’t cut school aid,’ or ‘Look, I didn’t cut health care,’ ” Mr. Paterson said at a news conference Friday morning in Albany. “People had better get serious here.”

In its statement, Moody’s warned against one-time measures to close the gap, saying the state must address a stubborn reality: It is spending more than its revenue will support. Lawmakers, for example, have suggested that they may refinance the state’s tobacco bonds and use the proceeds to plug the hole for now, until the economy improves.