If Congress fails to act on the impending fiscal cliff, New Yorkers could face more than $43 billion in tax increases and lose $609 million in federal aid in 2013, the state's comptroller, Thomas DiNapoli, said Thursday in a speech to the Business and Labor Coalition of New York.

"Many New Yorkers are still recovering from the Great Recession and struggling each day to make ends meet — and some are literally digging out from Sandy's devastation," DiNapoli said. "The fiscal cliff's massive one-two economic punch could easily push the state's economy backward."

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.