New York City Mayor Bill de Blasio said today that the city is “9 billion dollars in the hole” between the current fiscal year and the next, and additional lost revenue is anticipated beyond the next fiscal year, in the wake of the city’s response to the pandemic.
“While they’re not acting in the Senate, while the President remains silent, our fiscal situation has gotten worse,” de Blasio said.
“We are now 9 billion dollars in the hole between the current fiscal year and the one that begins July 1,” he said adding “9 billion dollars and we project unfortunately beyond next fiscal year additional lost revenue that will hold us back further.”
He continued: “There is literally no way that we can solve this problem without federal help or without having to make very very painful choices that will affect the quality of life in this city our ability to provide basic services and how many people we’re able to employ to support you in the middle of a pandemic!” de Blasio said raising his voice. “We are getting to a point of really tough choices.”
The city has about 4 weeks to pass a new budget, he added.
De Blasio asked New York state for a “fall back” or borrowing authority as a last resort if the federal government does not step up. The state granted itself the same borrowing authority in April.
Earlier de Blasio said “of course it should be the responsibility of the federal government first and foremost to address this and yet here we are waiting once again for action.”
The mayor said he spoke to Sen. Chuck Schumer yesterday and there is “literally no schedule for the fourth stimulus bill to be voted on,” de Blasio said, the stimulus that would “actually” help cities and states.