Bloomberg Talks New York State Comptroller Thomas DiNapoli Talks State Reserves
Aug 28, 2025
New York State Comptroller Thomas DiNapoli dives into the state's concerning $34 billion projected deficit over the next three years. He highlights the impact of federal funding cuts on healthcare financing and public services. With budget negotiations underway, there are debates on tax increases and the need for Wall Street revenue. The discussion centers on finding effective strategies to navigate these fiscal challenges while avoiding additional debt.
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Short-Term Stability, Long-Term Risk
- New York's current year budget looks manageable with revenues above projections in the first quarter.
- The main worry is large out-year gaps that could disrupt future budgets if the economy weakens.
$34B Gap Is Likely Understated
- A $34 billion cumulative gap over three years poses serious fiscal pressure for New York State.
- That estimate excludes the full ongoing impact of federal restructuring, which could make deficits larger.
Start Budget Contingency Planning Now
- Begin planning now to avoid abrupt cuts or tax changes that hurt New Yorkers.
- Use contingency planning to manage expected multi-year deficits proactively.