With the Trump administration’s threat to withhold $1.3 billion in federal funding from the city, the city is in a difficult position to manage its budget.
To help it balance the budget, Mayor Bill de Blasio announced that he will seek a $500 million bond to fund the city’s operations and public works, which has led to speculation that the city could use some of that money to pay for a new subway line, subway stations and other infrastructure upgrades.
The city has not said whether that will be a permanent fix or if the bonds could be used to pay down the debt.
The bonds were initially approved in January 2017 and are set to be paid back by 2024.
The city is also in the midst of a $3.3 trillion plan to pay its bills through 2019, including $1 billion in bond debt to pay off the debt incurred when the city took over the NYPD in 1989.
De Blasio is also expected to unveil a plan to address the health care crisis this fall, which would require a $200 million increase in the city budget.
In the midst the crisis, de Blasio is expected to announce plans to expand access to medical care for all New Yorkers, a move that is expected be supported by the unions and other groups that have been critical of the mayor’s handling of the city.
The Trump administration also has proposed cutting the citys Medicaid funding, which is a popular idea among Democratic voters, though many of the state’s Democrats oppose the move.
The proposed cuts are estimated to take effect in 2021.
“This budget proposal is also a direct threat to the future of New York and to the quality of life of our citizens. “
The Trump Administration’s budget blueprint also includes cutting Medicaid funding in a number that would hurt New Yorkers,” he said.
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As Mayor de Blasio has said repeatedly, we must make tough choices to balance the federal budget, which will impact our residents and businesses, and to ensure the city remains an affordable place to live, work, and raise a family.”
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