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The State Budget Outlook

Download Full Report Executive Summary New York State’s Division of the Budget (DOB) recently published its mid-year budget update, which forecasts considerable budget gaps in the years ahead: an apparently staggering $26.8 billion gap over the next four years before even accounting for the impending losses of federal funding under the so-called “One Big Beautiful Bill Act” (OBBBA). At first glance, this seems like an insurmountable challenge. If the State is facing dramatic deficits before it [...]

2025-11-26T15:51:31-05:00November 26th, 2025|Economic Outlook, Economic Trends & Policy, Featured on Home, Policy & Research, Reports, Briefs and Presentations, State Budget|
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Fiscal Policy Institute Staff Join Mamdani Administration Transition Committees

NEW YORK, NY | The Fiscal Policy Institute today announced that three senior staff members have been appointed to the transition committees for the incoming Zohran Mamdani administration. The FPI staff joining the incoming Zohran Mamdani administration’s transition committees are: Executive Director Nathan Gusdorf, who will bring expertise in tax law and budgetary policy to the Committee on Government Operations; Chief Economist Emily Eisner, a specialist in macroeconomics and public finance, who joins ​​the Committee on Housing; and Director of Health Policy Michael Kinnucan, an [...]

2025-11-24T18:56:47-05:00November 24th, 2025|Press Releases|
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New York’s Millionaires Will Get a $12 Billion Federal Tax Cut Next Year

Download PDF   On July 4, 2025, President Donald Trump signed into law the federal reconciliation legislation known as the “One Big Beautiful Bill Act” (OBBBA), which enacted $4.5 trillion of tax cuts and reduced federal outlays for Medicaid and SNAP by $1.2 trillion. Democrats have decried the bill as tax cuts for billionaires while Republicans have defended it as middle-class tax relief. The Fiscal Policy Institute has previously analyzed the national distribution of the OBBBA’s benefits, finding that the act broadly benefits the [...]

2025-11-20T11:41:34-05:00November 20th, 2025|Fact Sheets, Featured on Home, Tax Policy|
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Governor Hochul Commits $106 Million to Fighting Hunger During Federal Shutdown

With the federal shutdown entering its thirtieth day, it is now expected that federal funding for SNAP benefits (food stamps) will run out at the end of October. This morning, Governor Hochul announced an additional $65 million in funding for charitable food assistance, bringing overall state funding for emergency food assistance to $106 million. We commend the governor for her efforts to keep New Yorkers fed while the federal government gambles with human lives. The best way to ensure that the forty-two [...]

2025-10-30T12:46:55-04:00October 30th, 2025|Blog, Featured on Home, Social Policy, State Budget, Statements|
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How New Mexico Will Pay for Universal Childcare

New Mexico will allow residents of all income levels receive childcare subsidies—what lessons can New York learn? Download PDF Starting November 1, 2025, New Mexico will remove all income limits for its childcare assistance program, allowing New Mexico residents of all income levels to receive childcare subsidies. Currently, income limits are set at 400 percent of the federal poverty level (FPL), meaning only those who earn less than $128,600 per year are eligible. About 30,000 families currently receive childcare subsidies, and [...]

2025-11-12T14:05:20-05:00October 29th, 2025|Blog, Economic Trends & Policy, Education, Featured on Home, Reports, Briefs and Presentations|
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Failure to fund SNAP benefits will remove $640 million from state economy

With the federal shutdown entering its 28th day, it is now expected that federal funding for SNAP benefits (food stamps) will run out by the end of October. The 3 million New Yorkers — including 1 million children — who rely on SNAP for food security will collectively lose the $640 million per month that they receive in benefits, triggering an immediate hunger crisis throughout the state. What’s more, 16,000 retailers that serve SNAP recipients will also lose out on $640 million in aggregate [...]

2025-10-28T14:02:26-04:00October 28th, 2025|Blog, Fact Sheets, Featured on Home, Social Policy|
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Governor Hochul Must Call an Emergency Session to Address Trump’s Hunger Crisis

With the federal shutdown entering its 24th day, it is now expected that federal funding for SNAP benefits (food stamps) will run out by the end of October. The 3 million New Yorkers (including 1 million children) who rely on SNAP for food security will collectively lose the $700 million per month that they receive in benefits, triggering an immediate hunger crisis throughout the state. This morning, Governor Hochul proposed a meager $11 million plan to support food banks statewide in order to mitigate the [...]

2025-10-24T15:59:38-04:00October 24th, 2025|Featured on Home, Social Policy, Statements|
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New York Will Lose $15.4 Billion Per Year Under The “One Big Beautiful Bill Act”

The OBBBA spending cuts are concentrated in Medicaid and food stamps (SNAP), with devastating effects for New Yorkers. The bill will cost the New York State government $15.4 billion annually and kick 1.5 million New Yorkers off their health insurance, more than doubling the statewide uninsured population.

2025-06-05T14:57:05-04:00June 4th, 2025|Featured on Home, Policy & Research, State Budget, Statements|
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FPI Testifies to the Rent Guidelines Board

Rent Guidelines Board votes to lower range of possible rent increases for 2-year leases Download the Slides Watch the Testimony Last Thursday, FPI’s Chief Economist, Emily Eisner, testified to the Rent Guidelines Board (RGB) of New York City, at the invitation of one of the Board’s Tenant members, Adán Soltren. Dr. Eisner's testimony made the case that current economic conditions and uncertainty regarding federal housing and safety-net policy demand that the RGB [...]

2025-05-28T09:46:01-04:00May 28th, 2025|Economic Trends & Policy, Housing, Testimony|
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