NY dealing with budget deficit

ALBANY, N.Y. (NEWS10) – It’s the end of the year so departments have been starting to gather together how this year’s budget is stacking up to plan for next year.
“My main focus right now is closing the gap and watching what happens in Washington,” Robert Mujica, Director of NY Division of the Budget, said.
This projected gap is a $4.4 billion budget deficit the state will most likely have to face this next year. Yet, even with this gap, Mujica is confident that New York is still well positioned to deal with it.
“The Governor has controlled spending over the last several years. So we’re in a relatively good position to deal with it although $4.4 billion is one of the largest budget deficits that he has to face, we’re confident we will be able to close it.”
Governor Andrew Cuomo has helped limit spending by placing a two percent cap on any increase in funding to departments, allowing for inflation adjustments every year.
Mujica also says his department is planning ahead on how the federal tax bill will impact New York’s budget.
“Lots of uncertainty from the federal tax plan that’s definitely going to negatively impact our state.”
Senate Majority Leader John Flanagan’s spokesman issued this statement:
“Our Senate Majority remains focused on controlling spending and taxes, taking steps to make it more affordable to live and work in New York.”
“We’ll continue to always stand up for what our priorities are. When the Governor was first elected there was a $10 billion budget deficit and we found our way through that and I’m sure we’ll find our way through this one too,” Assembly Speaker Carl Heastie said.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Download our news app

App Store Link
Google Play Link

Latest PODCAST episode

More PODCAST: On the Story with Trishna Begam

Latest COVID-19 News

More COVID-19