NY to suffer $13.3 billion revenue gap from original forecast due to coronavirus, Cuomo says
Gov. Andrew Cuomo said Friday that New York will report a $13.3 billion shortfall in revenue compared to its original forecast – representing a 14% decline in the state's projected receipts.
Cuomo said that before the coronavirus rolled through New York, the state economy was "growing at a very high rate," government spending was at "record lows," and taxes had been lowered compared to when he took office. The Empire State, which has been hit harder by the coronavirus pandemic than anywhere else in the U.S., currently forecasts $61 billion in total lost revenue between fiscal years 2021 and 2024, Cuomo said.
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