nys budget 2020

New York state is facing what Governor Andrew Cuomo says is the state’s largest budget deficit since the 1970s. With no federal aid package in sight to provide relief for the massive COVID-19 response expenses, state and local governments are scrambling to close the gap. 

A decision by New Jersey leaders to raise taxes on the state’s wealthiest residents has given new hope to advocates who want to tax the rich in New York. But Governor Andrew Cuomo and his budget director are throwing cold water on that proposal.

New York’s fiscal year is nearly half over and the state budget remains billions of dollars out of balance, largely due to the effects of the COVID-19 economic shutdown. So far, Governor Andrew Cuomo has been relying on temporary measures to keep the state afloat, but fiscal experts say it’s time to make some hard decisions.

Many of New York’s cities begin their new fiscal year July 1, and they are struggling to balance their budgets after the effects of the COVID-19 pandemic. Meanwhile, there’s a growing movement in the state legislature to raise taxes on the wealthy to help balance the state’s budget and to help cities out. 

Governor Andrew Cuomo has about 10 days before he has to make some big decisions about New York’s estimated $14 billion budget deficit. The Democrat is hoping that Congress will pass a bailout measure to avert some of the financial pain, but some Republican senators are resisting.