FPI Briefing: First Look at the Executive Budget FY 2027
A recording of FPI's First Look briefing about Executive Budget FY 2027, delivered on January 22, 2026.
FPI Statement on the FY 2027 Executive Budget
Governor Hochul's Executive Budget includes commitment to partnering with Mayor Mamdani in pursuing universal childcare and acknowledgement of the State's strong fiscal condition. But it shows no plan to prevent the twin crises that will result from federal funding cuts under the so-called “One Big Beautiful Bill Act”
FPI Briefing: Response to State of the State FY 2027
A recording of FPI's briefing in response to the State of the State FY 2027, delivered on January 15, 2026.
Statement on the FY 2027 State of the State
On January 13, Governor Hochul delivered her annual address on the State of the State for Fiscal Year 2027. Her address centered affordability in New York, putting forward a flagship new deal with New York City to expand universal childcare statewide. However, the Governor’s speech has a glaring omission: the impact of Federal cuts on health insurance for up to one million New Yorkers.
Before the State of the State: New York’s Fiscal Outlook and Millionaire Tax Breaks
On January 13, Governor Hochul will deliver the State of the State speech, which is expected to address matters of affordability in New York and the State’s relationship with the federal government. FPI here releases summaries of two previous publications on the State’s fiscal outlook and the tax breaks that New York’s millionaire earners will receive from the federal government this year.
What to Expect in Tomorrow’s State of the State?
The State’s ability to pursue bold policy initiatives will depend on its fiscal outlook, which faces serious challenges in the coming years due to federal funding cuts. These are the issues to look out for in Governor Hochul's address.
The State Budget Outlook
New York State’s Division of the Budget forecasts overestimate the risk of revenue shortfalls but also underestimate the OBBBA impacts, thereby minimizing their impact on the state budget.
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 [...]
Siena Poll Spreads Misinformation About Medicaid Funding for Immigrants
Pollster used discredited Republican talking points on OBBBA
Making Sense of Federal Funding Cuts in New York
A Q&A about federal funding cuts
The State is Understating Threats to NYS Medicaid After OBBBA
New York can protect its Medicaid system from Trump’s cuts – but it needs to act now.
Filling the Gaps: State Tax Policy after the OBBBA
The new federal budget will cost New York State $10 billion annually. The State will have to step in.
FPI Briefing on State Tax Policy after the OBBBA
FPI Director Nathan Gusdorf presented a briefing on July 17 about how state tax policy can respond to the federal funding cuts in the "One Big Beautiful Bill Act".
FPI Briefing on the Federal Budget Reconciliation Bill
The OBBBA spending cuts are concentrated in Medicaid and food stamps (SNAP), with devastating effects for New Yorkers. The bill will cut federal funding to the New York State budget by approximately $10 billion annually and kick 1.5 million New Yorkers off their health insurance, more than doubling the statewide uninsured population. On top of the direct fiscal costs to New York State, the OBBBA will cut an additional $13 billion in funding to New York’s healthcare system.
The Federal Budget is an Assault on New York
Fiscal Policy Institute Director Nathan Gusdorf today released a statement on the federal budget legislation that passed the U.S. House of Representatives this afternoon by a vote of 218-214, with all of New York's Republican representatives voting in favor of the bill.