© Reuters.

(Reuters) – A decline in property tax revenue related to the ongoing coronavirus pandemic has punched a bigger hole in the upcoming budget for New York City, which needs Democrats in control of the White House and the U.S. Congress to deliver major fiscal stimulus, Mayor Bill de Blasio said on Thursday.

The gap in the nearly $92.3 billion preliminary budget for the fiscal year that begins on July 1 grew to $5.25 billion from the city’s November financial plan projection of $3.75 billion.

The mayor called for a new and substantial round of stimulus to help offset the economic fallout from the pandemic and stave off the possibility of state funding cuts.

“This is absolutely crucial to get a strong stimulus from Washington – an actual stimulus, not just a survival package,” he said. “A stimulus with direct aid to New York City and all localities. That’s going to be the single number-one difference maker.”

President-elect Joe Biden is scheduled to unveil a $1.9 trillion plan later on Thursday.

New York City, once the nation’s epicenter of the pandemic, was hit last year with one-notch credit rating downgrades by Moody’s (NYSE:) Investors Service and Fitch Ratings, while S&P Global (NYSE:) Ratings revised its rating outlook to negative from stable.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *