A Long Island judge ruled in favor of a state watchdog’s takeover of Nassau County’s ailing finances — overruling the debt-ridden government’s fight to avoid the move.

The ruling clears the way for the Nassau Interim Finance Authority, which originally announced a takeover in January, to make cuts to the $2.6 billion 2011 budget and erase a projected $176 million deficit.

Nassau County Executive Edward Mangano said the ruling was “disturbing news for taxpayers” — because it could mean higher taxes.

But he yielded to the legal decision and asked for a “summit” with the NIFA. He also asked that they “lay politics aside” and work together to solve the county’s fiscal woes. The meeting could come as early as today.