New York is facing its largest deficit in years, leaving the state as much as $6 billion in the red.
The state’s shortfall is only expected to rise over the next three years – and some day the price New Yorkers pay could have lasting effects.
The state’s mid-year update highlights a budget crisis not seen in New York in nearly a decade. A gap in the general fund shows an estimated negative $6.1 billion next fiscal year, which could rise to as much as $8.5 billion by 2023.
Gov. Andrew Cuomo’s mid-year financial report points to the rising costs of Medicaid as the cause.
That’s left some lawmakers seeing red.
“Our constituents pay for every one of these mistakes made by Albany,” Monroe County Legislator George Hebert, R-15th District.