"The month-late state general budget agreement fails to address the imminent threat facing New York: looming federal budget cuts."
"Instead of shoring up the state's fiscal foundation, lawmakers are dramatically increasing spending the state cannot afford in the long run."
New York Governor Kathy Hochul and legislative leaders announced a budget deal that is $254 billion, $15 billion higher than last year, a month past the deadline. Critics express concern over the absence of measures for anticipated federal aid cuts and a potential tax revenue decline. The deal includes a new $1.4 billion payroll surcharge, escalating the state's already high tax burden. Hochul's temporary refunds for lower-income residents are criticized as pre-election incentives rather than genuine relief, and looming budget shortfalls are expected in subsequent years without adequate planning.
Read at New York Post
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