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.
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.
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