Governor Hochul's latest budget proposal, amounting to $252 billion, represents her most significant fiscal plan yet. This proposal is notable for its $19 billion increase over the previous year, largely driven by expanded Medicaid funding and increased school aid. Despite the growing budget, Hochul's plan overlooks addressing a substantial $33 billion gap in the MTA’s long-term capital plan. The budget also features new middle class tax cuts and child tax credits, although it carries forward a $27.3 billion deficit for future fiscal years, highlighting ongoing financial challenges.
"The big two would be Medicaid and school aid, as ever," said Blake Washington, Hochul's budget director.
Hochul's widely-touted "affordability" measures such as a middle class tax cut and child tax credit will be phased in over two years, according to the proposal.
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