The red ink awaiting New York's new mayor

Potential budget gaps are swelling amid mounting economic and fiscal risks

Dec 31, 2025 • E.J. McMahon

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October 2025

"Drop Dead" + 50

It's been a half-century since Gerald Ford gave a famous speech ruling out federal assistance to a virtually bankrupt New York City.

Oct 29, 2025 • E.J. McMahon

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September 2025

Public pension costs rising again for NY state and local governments

Investment returns were adequate in FY 2025, but other factors will play a larger role in driving up employer contributions

Sep 9, 2025 • E.J. McMahon

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July 2025

Federal tax watch: the latest SALT twist in Washington's budget bill

The pending Senate version drops a provision that would have raised federal taxes on professional services firms in New York and other high tax states

Jul 1, 2025 • E.J. McMahon

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June 2025

Spending like there's no tomorrow

Adjusting for inflation, a key New York state budget measure is rising at its second fastest rate in 40 years

Jun 19, 2025 • E.J. McMahon

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A tax hike for some key NY firms is lurking in Trump's tax cut bill

Unincorporated finance partnerships, among others, would lose access to a SALT cap workaround

Jun 12, 2025 • E.J. McMahon

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April 2025

The tariff shock is a warning message to Albany

Governor Hochul and the Legislature seem to be ignoring its implications for the FY2026 state budget

Apr 8, 2025 • E.J. McMahon

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March 2025

With next budget pending, Albany acknowledges the obvious

Likely federal spending cuts will have huge implications for the state budget—but the governor and legislative leaders apparently are content to start a…

Mar 27, 2025 • E.J. McMahon

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New York's "budget" is more overstuffed than ever (and not just with dollars)

The governor's habit of packing her Executive Budget with scores of unrelated policy provisions—essentially her entire program— is counterproductive and…

Mar 24, 2025 • E.J. McMahon

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Assembly backs NYC pension gimmick in state budget

An amortization scheme with murky origins remains on the table as state budget negotiations begin in Albany

Mar 17, 2025 • E.J. McMahon

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February 2025

NYC pension gimmick alert

Governor Hochul has slipped some dubious New York City pension "amortization" language into her FY2026 state budget amendments.

Feb 21, 2025 • E.J. McMahon

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January 2025

Hochul opts for a change of scenery, if not script

Not so long ago, New York's governor described the state Capitol as the "original and rightful setting" for her annual message to the Legislature. So…

Jan 9, 2025 • E.J. McMahon

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