Much of Gov. Pataki's proposed state budget (his costly expansion of health care, in particular) is a far cry from the leaner, cleaner fiscal plans of his first term. But in at least one crucial respect, New York's revenue shortfall has prompted a welcome return to his budgetary roots: For the first time in seven years, the governor is launching a concerted effort to reduce the size of the state work force. [Read_more]
Overshadowed by his predecessor for most of an all-too-brief transition period, Michael Bloomberg has emerged into the mayoral spotlight with an impressive early show of fiscal leadership. [Read_more]
One of first things Mayor Bloomberg needs to do is to disabuse himself of the notion that the city's budget gap is mainly "a revenue problem," as he put it soon after the election.
Yes, revenue projections have fallen sharply in the wake of the World Trade Center attack. But the city faced a budget gap even pre-9/11 - and the fundamental reason is spending. [Read_more]
New York City's severe post-9/11 fiscal crunch has prompted fresh calls in some quarters for reinstating the city's commuter tax, which could generate as much as $500 million, to help close a projected budget gap of $3.5 billion. [Read_more]
Just before the attack on the World Trade Center, Mike Bloomberg said he couldn't "prudently promise" not to raise city taxes, "because you can't see the future." [Read_more]
Some members of New York's congressional delegation seem obsessed with worry that President Bush won't deliver every penny of the $20 billion in disaster relief he promised to the city in the wake of Sept. 11. [Read_more]
Will the next mayor restore New York's battered, post-9/11 economy? The candidates' recovery plans don't inspire much confidence.
Most of Mark Green's answers come out of the 1930s. And while Michael Bloomberg seems to have learned a few lessons from the '90s, he's still reluctant to embrace the most growth-oriented elements of the Giuliani philosophy. [Read_more]
New York State's decision to roll the dice on more Indian casinos, video gaming and Powerball is ultimately expected to pump another $1 billion into the state treasury annually, but the inevitable court challenge may delay that payoff for several years. In the meantime, the state clearly faces a very real downturn in its economy and revenues. [Read_more]
The horrific attack on the World Trade Center will deal a severe blow to New York's economy and government revenues for some time. In one day, the city was plunged into its worst fiscal crisis since 1990 - which, if mismanaged, may yet become as bad as the brush with bankruptcy in the mid-1970s. [Read_more]
In their latest ploy to drag Gov. George Pataki to the budget bargaining table, New York state legislative leaders are preparing a baseline spending plan that pointedly excludes hundreds of millions of dollars for the governor's own pet programs. [Read_more]
Giuliani took office declaring that city government was too big and taxes were too high. His first two budgets cut the headcount of city employees and reduced spending, setting the stage for both tax cuts and a series of surpluses. [Read_more]
It’s official: According to Mayor Giuliani's latest fiscal plan, the next mayor will face a budget gap of $2.7 billion - which, if it actually materializes, will be $400 million more than the one Giuliani inherited from David Dinkins. [Read_more]
