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Governors renew call for federal bailout as budget deficits climb, stimulus needs grow in US

While there has been some discussion about a possible stimulus package and broader rescue bill for specific industries – states like New York are struggling.

The deficit has grown to more than $14 billion in recent projections, with multi-year deficits of $60 billion possible in the next three.

In his capacity as Chair of the National Governors Association, Governor Cuomo said it’s time for bi-partisan action.

“Every major economist, regardless of party or ideological bent, came to the same conclusion after the 2007-09 financial crisis: The lack of support for state and local governments slowed the nation’s economic growth for more than a decade,” Cuomo said. “As we begin to recover and rebuild from the COVID-19 crisis, we can’t afford to repeat the mistakes of the past — we know now that there can be no national recovery if state and local governments aren’t solvent. We appreciate the House of Representatives for putting forth a new proposed relief package last night. It’s our hope that the latest proposal will reenergize the negotiations.”

He said that the Association is hopeful that a relief package will support the needs of people – including healthcare workers, firefighters, police officers, and teachers.

“We urge the Senate and White House to meet them at the negotiating table. This is a national problem, and it demands a bipartisan and national solution,” Cuomo concluded.

Aid for local communities and the state are both priorities, according to the Governor.