January 16, 2018 09:09 PM
New York Governor Andrew Cuomo unveiled his proposed state budget Tuesday.
State Comptroller Thomas DiNapoli reports that New York faces a more than $4 billion budget deficit.
"This is a very fragile time for the state's economy," Cuomo said.
Cuomo issued that statement as he laid out his plan to fill the budget gap.
"The legislature is going to have to curtail growth in a number of programs, more so then they've had to in prior years," said David Freidfel, Director of State Studies at Citizen Budget Commission. "
"Four Billion Dollar deficit," Cuomo said. "You can't possibly get anywhere near where you want to be unless you raise revenues."
The governor proposed keeping the middle class tax cut, but does call for increases to corporate taxes and expanding tax on internet sales.
"There is a reason that taxes are so high and it is because we spend too much," said 55th District New York State Senator Rich Funke.
Republicans like Senator Funke oppose the additional taxes in the governor's budget. Funke believes it's time for lawmakers to address their own spending.
"I think we have to take a good look at ourselves and figure out where we're going as a state, and begin to get our expenses under control," Funke said.
"I am comfortable that where we raised revenues, it was fair," Cuomo said. "It was right."
The budget does call for an increase in education spending, and the creation of a fund to protect against federal cuts to healthcare. But the tax increases could lead to a tough budget cycle in the state legislature.
"It might be more contentious," Freidfel said. "Things tend to be a little easier. It's easier to make all the parties happy when you can fund at least some of their requests."
The final budget is due by April 1, but the governor says the biggest issue isn't the budget. Cuomo said the impact of the federal tax reform bill on New York's economy will remain a larger hurdle.
Created: January 16, 2018 09:09 PM
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