It looks like New York State might actually pass a budget on time. On Sunday Governor Cuomo and State Legislative leaders announced they had reached a deal on the budget.
The agreement, five days before the March 31 budget deadline, offered the prospect of Albany’s first on-time budget in five years. If enacted by lawmakers, the deal would cut the state’s overall year-to-year spending for the first time in more than a decade.
Left out of the budget was the “Millionaire’s tax” which many Democrats supported, as well as an extension of rent regulations which are set to expire in June. The budget also includes significant cuts to education and social services.
Advocates for increased school aid were livid over the deal, suggesting that Mr. Cuomo’s cuts — and his refusal to consider a “millionaires’ tax” to offset those cuts — would hurt students. “Governor Cuomo’s first budget makes heartlessly large cuts to our schools to finance tax cuts for millionaires and billionaires, and students in poor and middle-class districts will lose the most educationally,” Billy Easton, executive director of the Alliance for Quality Education, said.
In the coming weeks MYD will offer more in-depth analysis of the budget and how it will affect New York City residents in particular.
On a related note, on April 26th our Economic Issues Committee will present a Budget Trivia Night, which will both entertain and educate! For more information, contact our Economic Issues Chair Zac, [email protected].