New York Mayor eric Adams
NEW YORK: New York City mayor Eric Adams (pic) faces a longer-than-expected Covid recovery with a nearly US$3bil (RM12.57bil) budget gap next year and a labour force that isn’t expected to reach pre-pandemic levels until 2025, the city’s Independent Budget Office (IBO) says in its latest economic forecast.
Rising tax revenue could mitigate some of the pain but Adams will be forced to make tough choices over balancing the budget without the billions of federal aid that has masked much of the city’s underlying fiscal uncertainty, the IBO said.
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