New York Faces a Budget Deficit of Up to $4 Billion

 

By Karen DeWitt

New York could be facing its first major shortfall in several years, partly due to falling tax collections and federal health care and other policy changes. That could leave the state with billions less in state aid.

Lately, Gov. Andrew Cuomo’s been sharing some bad news with New Yorkers. Twice in recent days he’s said there could be a multibillion-dollar shortfall in the budget next year.

The first time was at a briefing on how the state would be affected by potential federal Medicaid cuts. 

“The state is already facing a $4 billion deficit going into next year,” Cuomo said.

The second time was a few days later, at a speech to the state’s business leaders in Lake George.

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Source: WRVO Public Media (via The Empire Report)