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New York City Takes First Step Toward a Rainy Day Fund

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New York City could face a $15 to $20 billion shortfall over three years if the next recession is comparable to the previous two, according to the Citizens Budget Commission (CBC), a nonpartisan fiscal watchdog in New York state. Existing reserves, the CBC says, could cover only about $1.25 billion.
New York City could face a $15 to $20 billion shortfall over three years if the next recession is comparable to the previous two, according to the Citizens Budget Commission (CBC), a nonpartisan fiscal watchdog in New York state. Existing reserves, the CBC says, could cover only about $1.25 billion.
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