Cuomo Says Federal Default Could Cost New York $2 Billion
Governor Andrew Cuomo says a Federal government default would cause serious potential damages to the fiscal health of New York State that would undermine the economic progress it’s made in the last three years.
Cuomo says a default would be unprecedented, but data from past recessions suggests that the state’s revenue loss could be as high as $2 billion.
The governor says failure to act in Washington would put the national economy at risk, jeopardize New York’s recovery and lead to additional fiscal pressures.
He also says vital programs for vulnerable New Yorkers would be at risk, including direct benefits and the programs and providers that support them.