Cuomo Says New York Budget Gap May Widen to $3.5 Billion
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New York state’s projected deficit for the next fiscal year is expected to grow to as much as $3.5 billion as a stalled economic recovery cuts Wall Street jobs and shrinks bonuses, Governor Andrew Cuomo’s office said.
The gap for fiscal 2013 was projected at $2 billion when the current $131.7 billion budget was approved in March. It’s now estimated to have widened to between $3 billion and $3.5 billion, according to the Budget Division’s mid-year update released today by Cuomo’s office. The division also forecast a $350 million shortfall in the current year.