Politics8/8/2025•Bloomberg
New York Warns of $34 Billion Budget Hole, Biggest Since 2009 Crisis
The article highlights New York state's significant budget challenges, with a projected cumulative three-year budget gap of $34 billion, the largest since the 2009 financial crisis. This figure represents a 25% increase from Governor Kathy Hochul's January estimate, due to a slowdown in federal funding. The Comptroller, Thomas DiNapoli, has warned that the state will need to make difficult decisions to address this substantial budget shortfall. The article suggests that the COVID-19 pandemic and its economic impact have contributed to the widening of the budget gap, and the state will need to carefully manage its finances to overcome this fiscal challenge.
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