Amid Covid, a shaky state budget | Reports

New York has just enacted a pandemic-crisis budget that might as well have been written in disappearing ink—shakily “balanced” on hopes of a huge federal bailout and ultimately backstopped by the potential for unprecedented deficit borrowing.

Budget includes a borrowing binge by E.J. McMahon | | NY Torch

#NYCoronaVirus: The Legislature isn't just delegating emergency spending control powers to Governor Cuomo as part of the new state budget.  It's also handing him a deficit-financing credit card with an $11 billion limit.

The axeman cometh (but not yet) by E.J. McMahon | | NY Torch

#NYCoronaVirus: The coronavirus pandemic has just claimed its first big institutional victim: the New York State Legislature, which handed Governor Cuomo broad and unprecedented leeway to "adjust or reduce" state spending in the fiscal year that began today.

Taylor Law ties up COVID response by Ken Girardin | | NY Torch

When it comes to responding to the coronavirus, New York is likely to struggle with a pre-existing condition: the Taylor Law.

Governor Andrew Cuomo has authority to suspend portions of the Taylor Law—and to preserve vital public services, he should.

Tax cap: more crucial than ever by E.J. McMahon | | NY Torch

#NYCoronaVirus: The negative economic after-effects of the pandemic seem likely to rival if not exceed those of the Great Recession of 2008-09.

But as New Yorkers face massive job losses, falling incomes, sagging property values and widespread economic insecurity, they'll have one layer of protection they sorely lacked in the last downturn: a tight cap on local property tax levies, instigated by Governor Cuomo in 2011.

How the stimulus bill treats NY by E.J. McMahon | | NY Torch

#NYCoronaVirus: The $2 trillion federal stimulus bill on its way to passage today does not actually shortchange New York in any general sense—but it does seem to clearly dash Governor Cuomo's vain hopes for a budget bailout, which is why he is so unhappy about it.
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