[Ed. – Gee, we wonder why.]
Gov. Andrew Cuomo announced Monday that state income tax revenues plummeted by $2.3 billion since he introduced his new budget plan last month— a bombshell that will force him to curb spending.
Cuomo attributed the revenue drop in December and January largely to the new federal tax code, as well as volatility in the stock market and other uncertainties.
“That’s a $2.3 billion drop in revenues. That’s as serious as a heart attack. This is worse than we had anticipated,” the governor said in Albany.
“This reduction must be addressed in this year’s budget.”
In a rare joint appearance with Cuomo, state Comptroller Tom DiNapoli confirmed the deteriorating finances.
“This is the most serious revenue shock the state has faced in many years,” he said.
He urged Cuomo and the Legislature to sock more money away in the state’s rainy day fund to prepare for the worst.
Cuomo had planned to spend $176 billion — including about $100 billion in federal funds — in the new fiscal year that starts on April 1.