Mayor Eric Adams introduced a $115 billion budget for 2026, criticized for lacking sufficient reserves for potential economic downturns. The budget, positioned as inclusive, allocates significant funds for education, libraries, and childcare but faces scrutiny from experts fearing a looming recession and federal cuts. Despite its size being the largest since he took office, the plan has raised concerns about fiscal responsibility as the Mayor prepares for an election-year campaign, emphasizing immediate benefits over sustainable financial planning. Critics argue this could jeopardize the city's financial health in the long run.
"This is not a budget that favors the few. It is budget for all of you... our fiscal Year 2026 executive budget is the best budget ever."
"Welcome to the election year! An election year means living in the moment. Tomorrow, next year is a long time away; it's 'spend whatever we can now.' It's like a bank robbery."
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