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New York will likely get the federal money it needs to balance budget

Good news came on Thursday following President-elect Joe Biden’s speech on the economy and specific relief he aims to get passed within his first days in office.

State officials are staring down staggering economic costs associated with the pandemic. At this point, New York’s financial hit is estimated to be around $14 billion.

Now, it’s clear that funding will come by way of federal government. Gov. Andrew Cuomo has been seeking $15 billion in aid from the federal government to balance the budget and help with costs associated with the pandemic specifically.

If not, taxpayers in New York State could expect devastating program cuts, as well as even higher taxes.

Democrats will have control over all three levers of government once President-elect Biden takes office, so the expectation is that full-relief for states and localities will come together.

“These crises are straining the budgets of states, cities, and tribal communities that are forced to consider layoffs and service reductions,” Biden said in a Thursday address. “It means the people putting their lives at risk are the very people now at risk of losing their jobs.”