"The Treasury Secretary has warned New Yorkers they're on their own if they elect Zohran Mamdani for mayor, an outcome looking increasingly likely despite the fury of the White House. Mamdani, a left-leaning Democrat who has been branded a "communist" by the Oval Office, won the democratic NYC mayoral primaries with policies such as free childcare for all and city-owned grocery stores to keep prices down. He has also pledged to build 200,000 affordable housing units and increasing taxes on the wealthiest New Yorkers and biggest corporations."
"Bessent, who founded a global hedge fund in New York, has vowed that if the Big Apple finds itself in a budgetary bind because of these policies, then the government will refuse to help. "I guarantee you-and there are not a lot of things in life that are sure-that New York City will be coming to the federal government for a bailout if the Mandami plans are implemented," Bessent told Fox Business. Asked if that bailout would be provided, he referred to a legendary New York Daily News headline from the 1970s: "It will be the same thing that Gerald Ford said: Drop dead.""
Treasury Secretary Scott Bessent warned the federal government would refuse to bail out New York City if Zohran Mamdani enacts higher taxes on the wealthiest, universal free childcare, and city-owned grocery stores. Mamdani won the Democratic mayoral primary on a platform that includes 200,000 affordable housing units and increased taxes on big corporations and wealthy residents. National figures, including President Trump, have attacked Mamdani and labeled him a "communist" while acknowledging his growing likelihood of victory. The warning recalled Gerald Ford's 1970s stance when the White House initially resisted assisting New York during a fiscal crisis.
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