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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:MCO) Investors Service and Fitch Ratings, while S&P Global (NYSE:SPGI) Ratings revised its rating outlook to negative from stable.
