Hochul presents $260B executive budget without taxes on the rich as Mamdani insists the city needs one to fix its finances amNewYork

"The governor's budget proposal, the first step in hammering out a new spending deal with the state Legislature by April 1, includes plans to provide free childcare to children aged two and over in New York City and children aged four and up throughout the rest of New York State, pledging $4.5 billion to expand free childcare statewide. That investment represents a $1.7 billion increase compared to the 2025 state budget."

"Over the last four years, we've proven something important: that you can make historic investments without raising income taxes, without mortgaging the next generation, without losing sight of what people can afford,"

"But Mamdani while praising Hochul for making meaningful investments to address the affordability crisis in the executive budget also said Tuesday that a tax increase on New York's wealthiest remains a necessity. He pointed to reports from both City and State Comptrollers Mark Levine and Tom DiNapoli, respectively, which found that the city's finances are currently unsustainable with a projected $12.6 billion budget shortfall accrued during the Adams Administration, according to Levine. Mamdani said the state is on solid financial footing thanks to Hochul's fiscal stewardship but added that the city does not enjoy the same financial security, pointing to Levine's recent report. Along with blasting former Mayor Eric Adams for years of short-term gimmicks with long-term consequences,"

Governor Kathy Hochul rolled out a $260 billion executive budget that includes a $4.5 billion plan to expand free childcare statewide, covering children aged two and over in New York City and children aged four and up elsewhere. The childcare investment is $1.7 billion higher than the 2025 state budget. Hochul maintains the expansion can be funded without raising income taxes and frames the state as fiscally sound. Mayor Zohran Mamdani praised the investments but insisted on taxing the wealthiest to address New York City's fiscal unsustainability, citing comptroller reports and a projected $12.6 billion city shortfall accrued during the Adams administration.

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