NYC Council passes record $101B budget deal forged with Mayor Adams

[Kamaji]

NYC Council passes record $101B budget deal forged with Mayor Adams

By Nolan Hicks
June 13, 2022

The New York City Council granted final approval to the Big Apple’s record-breaking $101.1 billion budget for 2023 in a late Monday night vote, after lawmakers and Mayor Eric Adams struck a tentative deal on the spending plan last week.

The Council easily passed the spending plan by a vote of 44-6 shortly after 11 p.m., following roughly two hours of debate.

“This is your budget, this is something that no matter what anyone says, this is something for you to be proud of,” said Council Speaker Adrienne Adams told the lawmakers as the vote concluded, who described the budget as “historic.”

The 2023 budget is the biggest ever in New York City, outweighing the 2022 budget by $2.4 billion.

Budget watchdogs have criticized the mayor and Council for pushing the city’s spending to new levels amid soaring inflation and growing worries about a possible economic recession, which could be triggered by expected interest rate hikes.

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Source:  https://nypost.com/2022/06/13/nyc-council-set-to-ok-record-101b-budget-deal-forged-with-mayor-adams/

[Kamaji]

Budget watchdogs have criticized the mayor and Council for pushing the city’s spending to new levels amid soaring inflation and growing worries about a possible economic recession, which could be triggered by expected interest rate hikes.

Just like the 1970s.  Will NYC hit bankruptcy again?