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New York’s Budget Boom Masks Financial Risk | New York City News
New York just hit a record-breaking budget of $277 billion, but a new fiscal report warns that spending is outpacing revenue, leaving the state dangerously underprepared for economic shocks. While funds are pouring into critical services like healthcare, education, and childcare—especially as federal support wanes—reserves remain stagnant at just $15 billion. With no matching growth in the financial cushion, these essential programs could face serious cuts if the economy falters or global events disrupt revenue. It’s a risky balancing act: investing now, but with little safety net for what’s…
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