FOR IMMEDIATE RELEASE: March 15, 2021
Fiscal Policy Institute on One-House Budgets
(Albany, NY) Today the New York State Senate and Assembly released their one-house budgets as New York continues grappling with the pandemic. With the annual April 1st deadline fast approaching, today’s action sustains hope for a responsive budget process that can meet all New Yorkers’ needs.
The Legislature’s proposals recognize the need for support to ensure all New Yorkers can live, work, access health care, and receive a sound education. With the pandemic underscoring how quickly supports can disappear and how vulnerable New Yorkers were, the state budget must create a firm foundation, it must build for the future. COVID has proven the necessity of a sustainable budget.
Statement from Jonas Shaende, Ph.D., Chief Economist:
“This year’s state budget process takes place in an unfamiliar environment as the pandemic has forced us to throw out the usual playbook while the belated assurance of federal funds kept us all guessing. In this uncertain environment, seeing that the Assembly and Senate’s proposals align closely on revenue and fiscal priorities could mean that the state retains its ability to meet the April 1st budget deadline.
Big challenges require bold action and demand a combination of transformative vision and concrete commonsense response. The Legislature’s proposals show their willingness to consider a broad array of measures to ensure New Yorkers’ health and well-being Both the Senate and Assembly proposed increasing tax rates on top individual earners and on corporations, as well as pursuing tax expenditure reforms. With time left to negotiate, the possibility remains to include further tax policy measures.”
The strain of this past year has taken a toll on New York. Today’s one-house budget proposals reflect the need to repair the damage done to our physical, mental, and fiscal health. FPI believes this is a good starting point to build a more equitable New York, and we hope to continue to see more progressive action as the budget process continues.
The Fiscal Policy Institute is a nonpartisan, nonprofit research and education organization committed to improving public policies and private practices to better the economic and social conditions of all.