Push for Infrastructure Projects
Governed Cuomo met with President Trump earlier today in Washington D.C. for the purpose of discussing ways to supercharge the State’s economy during the reopening process through investments in large scale infrastructure projects. The Governor focused on three projects: the Gateway Tunnel in NYC that would transport commuter and freight under the Hudson River, the Second Avenue Subway, and the AirTrain LaGuardia project that would create a direct rail system from LaGuardia Airport into Manhattan. The Governor said he anticipates that President Trump would follow up with him “next week” on these issues.
Continued Push for Federal Funds
Following the meeting with the President, Governor Cuomo provided his daily briefing at the National Press Club where he continued his pressure on Congress to provide federal assistance to state and local governments in the next version of any federal economic relief bill. He cited an article from the Wall Street Journal that indicated that state and local government economic recovery can lag for years if not provided federal assistance. He noted the prolonged recovery from the 2007-09 recession as a sign of the importance for this funding.
State Legislature Back in Session
Both Houses of the State Legislature are back in Albany this week as they convened for the first time since the passage of the State budget on April 1st. There were a number of COVID-related bills that were passed and both houses are back in session tomorrow.
New York City
Mayor de Blasio today forecast the City’s deficit over the next 2 fiscal years (remainder of FY20 and all of FY21) could reach $9 billion if the federal government does not provide stimulus funding. In the midst of uncertainty related to federal funding, Mayor de Blasio has asked the State to authorize the City to borrow money to balance the budget if needed. On Monday, the State Senate introduced a bill that would allow the city to borrow up to $7 billion by authorizing the Transitional Finance Authority to issue debt to make up for potential losses in 2021.
New York State COVID-19 Numbers
Thankfully, we are now firmly on the far side of the New York State COVID-19 plateau. That said, the number of deaths in the State has increased by 74 since yesterday.
