(October 31, 2017)
ALBANY, N.Y. (AP) - New York state's top fiscal officer says a looming budget deficit combined with lower-than-expected tax revenues and cuts in federal spending are adding up to a "triple threat" to the state's bottom line.
Comptroller Thomas DiNapoli warns on Tuesday about the possibility of more cuts from Washington and suggests state officials could face some difficult choices about funding important state programs and services.
The Democrat noted New York is projected to have a $4 billion deficit next fiscal year. Tax collections in the first six months of the current fiscal year are down nearly $768 million, or 2.1 percent, when compared to the same period last year.
The state has already seen cuts in federal health care funding and officials worry about more reductions to come.
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