Overview

• The $252 billion proposal represents a $9 billion increase from last year, emphasizing affordability measures such as inflation rebate checks, expanded child tax credits, and universal free school meals.
• The budget relies on a $5 billion surplus from higher-than-expected tax revenues but is projected to create deficits totaling $23.4 billion through 2029.
• Critics argue the plan exacerbates New York's fiscal instability, citing concerns over ballooning Medicaid and education spending and the extension of 'temporary' income tax surcharges.
• Federal support is critical to the budget's success, including reliance on an MCO tax approved under the Biden administration, which could face challenges under the Trump administration.
• The plan includes a $21 billion rainy-day fund and measures to address housing affordability, though experts warn these initiatives may have limited long-term impact.