Virus-Related Revenue Loss Complicates New York Budget Deal (1)

New York state leaders agreed on a multibillion-dollar budget Wednesday as they struggled with revenue uncertainty and rising costs associated with fighting the coronavirus pandemic.

Gov. Andrew Cuomo (D) announced he had reached “conceptual agreement” with Senate Majority Leader Andrea Stewart-Cousins (D) and Assembly Speaker Carl Heastie (D) on the state’s spending plan for fiscal 2021, which began at midnight. Final details of the agreement weren’t immediately released.

The deal, albeit a day late, would allow the state to adjust its spending throughout the year to cope with reduced cash flow.

It also ...