Tax revenues from Wall Street could drop by $2 billion over the next two years. The state may cut city funds for health care and other services.
To make up a $250 million deficit, officials may reduce hours at community centers, cut bus routes, and lay off hundreds of employees.
With a $100 million deficit, the city may need to raise taxes to combat its growing crime problem.
To prop up its underfunded pension system, the city may have to put $300 million into the plan.