Albany, NY, Nov 23, 2011 — The congressional supercommittee announced Monday that they'd failed to make a plan for reducing the federal deficit. This means that automatic cuts to a whole range of programs will go into effect starting in 2013.
National lawmakers may reach agreements that avoid some of those cuts ...but the supercommittee's failure could make a huge difference for states. New York's budget division estimates losses of $5 billion in federal funding over the next decade. That's on top of the impact on Wall Street, which provides about 20% of state revenues.
The state is already running a $3.25 billion deficit for next year's budget. Governor Cuomo is working with his Council of Economic and Fiscal advisors, 19 executives, politicians and labor leaders Cuomo put together as part of his transition team last year, to come up with a plan for how the state will handle the additional losses.
Cuomo spoke yesterday on the WCNY's Capitol Pressroom host Susan Arbetter. She asked him how the supercommittee's failure will affect individual New Yorkers: Go to full article