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New York faces its largest budget crisis in a decade. This is the reason why.
ALBANY - New York faces budget deficits between $6 billion and $8 billion over the next three years amid ballooning costs for Medicaid.
Budget documents released Friday afternoon showed the state faces its worst fiscal problems since the recession in 2010, when a $10 billion budget gap needed to be closed.
The state Legislature and Gov. Andrew Cuomo will need to come up with a balanced budget for the next fiscal year that starts April 1.
A $6 billion budget gap for the 2020-21 fiscal year could mean deep cuts in programs and services.
Read more: https://www.democratandchronicle.com/story/news/politics/albany/2019/11/25/new-york-faces-its-largest-budget-crisis-decade-why/4274198002/