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Cuomo's budget comes as NY's economy grows slowly

Created: 01/17/2014 1:15 PM WHEC.com
By: Associated Press

Gov. Andrew Cuomo will present an ambitious budget proposal next week that promises to turn deficits into surpluses even as he doles out tax breaks.

One trick will be doing it in a time of slow economic growth.

Cuomo has said that the state can amass its first budget surpluses in years as long as lawmakers agree to limit spending increases to 2 percent. The governor said that would allow surpluses to grow to $2 billion in three years.

State Comptroller Thomas DiNapoli says that so far this year, New York's overall tax collections of $49 billion are up 5.6 percent, but still below projections.

The Cuomo administration expects revenue to grow faster than 2 percent, meaning spending growth below that level will lead to surpluses.



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