Last week we slammed the new state budget as an exercise in financial recklessness. But the bad news is still rolling in
For starters, the Buffalo News’ Tom Precious has pinned down the fact that Gov. Cuomo and the Legislature’s leaders “closed” much of the budget’s deficit by simply changing their estimates of revenues and outlays.
With a snap of their fingers and a wave of their magic wand, they increased the expected tax revenue by $750 million, then cut the initial spending estimate for the year by $250 million.
Hundreds of millions came from various one-shot sources, including more than half a billion the state is demanding to let the Catholic bishops sell the nonprofit Fidelis health plan to a for-profit company.