State of New York lawmakers released a new mid year report for their budget and it shows not so good news.
The State is looking at the biggest budget gap since Governor Cuomo first took office.
The state released its mid-year budget update several weeks late. The state has a $6 billion budget gap that is estimated to climb to $8.5 billion by 2023. Both EJ McMahon of the Empire Center and Dave Friedfel of the Citizens Budget Commission agree that Medicaid is to blame.
“It is bad. And the main reason why it is bad is because the spending is exceeding revenues,” said David Friedfel, Director of State Studies for Citizens Budget Commission of NYS.
“This problem developed in what is still an economic expansion. Tax receipts are coming in right on target, pretty decent growth. The economy is still growing by every metric that we’ve got and yet the budget situation is worsening,” said E.J. McMahon, Founder & Research Director for the Empire Center for Public Policy.
Source: Spectrum Local News