New York lawmakers failed to reach agreement on a fiscal 2018 budget, forcing Gov. Andrew Cuomo to propose an emergency plan to keep state government running.
Cuomo issued a statement just before midnight Sunday, after missing the April 1 deadline for a new spending plan, saying state Senate and Assembly leaders have agreed to pass Monday an extender of the current 2017 budget that would last until May 31. Some of the key sticking points holding up a new budget include raising the age of criminal responsivity from 16 to 18, affordable housing funding and Cuomo's proposal to offer free public college tuition for in-state-residents whose families earn $125,000 or less. Cuomo also noted the uncertainty in Washington from a Republican-led Congress looking to cut New York's federal aid has also complicated efforts to pass an on-time budget.
"Our state budget must either fully anticipate and address our human and financial needs or we must keep working to reach compromise on the reform issues and remain financially cautious so we can adapt to federal actions once they are determined," said Cuomo in his statement. "The Legislature has not been able to reach total agreement on all issues necessary for a complete annual agenda."
The $152 billion budget proposal Cuomo pitched in January would extend the "millionaire's tax" to preserve $4 billion in state revenue over the next two years. His budget plan also called for investing $2 billion for water infrastructure projects over the next five years.
New York last had a late budget in 2010 under David Paterson. Cuomo was first elected that November. The Empire State has credit ratings of Aa1 by Moody's Investors Service and AA-plus by S&P Global Ratings, Fitch Ratings and Kroll Bond Rating Agency.
