Andrew Cuomo

With prospects of federal aid waning, an $8 billion revenue gap will leave the the state government and Gov. Andrew Cuomo few attractive options.

Chairman Patrick Foye said the designation will better position the authority to cope with the revenue loss from the coronavirus pandemic.

State leaders are reluctant to grant New York City more bond capability, and other city leaders want Bill de Blasio to further reduce his proposed spending plan.

With the latest federal rescue package stalled, New York's mayor has asked state lawmakers to authorize an additional $7 billion in bonding.

New York’s new state budget provides flexibility to deal with near-term revenue hits from COVID-19, but it has little bandwidth to withstand a deep recession.

Lawmakers approved a 2021 fiscal plan with mechanisms for spending reductions throughout the year because of economic headwinds caused by the COVID-19 pandemic.

Negative outlooks trigger questions about other reeling areas in the capital markets crosshairs.

The rating agency, citing severe ridership drops from COVID-19, dropped its rating to A-minus from A. It assigns a negative outlook.

The Medicaid Redesign Team would pare spending on state hospitals by nearly $400 million and projects $1.6 billion in savings overall.

How severe a financial hit New York City will take during the COVID-19 pandemic is as much of an unknown as the degree of virus spread.