{"id":2555627,"date":"2026-01-28T13:31:02","date_gmt":"2026-01-28T18:31:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mamdani-blames-eric-adams-and-cuomo-for-12-billion-budget-deficit\/"},"modified":"2026-01-28T13:32:45","modified_gmt":"2026-01-28T18:32:45","slug":"mamdani-blames-eric-adams-and-cuomo-for-12-billion-budget-deficit","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/mamdani-blames-eric-adams-and-cuomo-for-12-billion-budget-deficit\/","title":{"rendered":"Mamdani blames Eric Adams and Cuomo for $12 billion budget deficit"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fmamdani-blames-eric-adams-and-cuomo-for-12-billion-budget-deficit%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2555627&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>New York city Mayor Zohran Mamdani says he will \u201ctax the richest New Yorkers and most profitable corporations\u201d to help close a $12 billion deficit he attributes to former Mayor Eric Adams and ex-Gov. Andrew Cuomo. Mamdani accused Adams of intentionally understating the city\u2019s fiscal problems\u2014saying actual gaps are years higher and more than $7 billion beyond what Adams published\u2014and faulted Cuomo for <a href=\"https:\/\/amzn.to\/3YuVZYV\" >reduced state funding<\/a> that contributed to a $21.2 billion gap in 2022, saying the state owes the city about $8 billion. He pledged not to balance the budget on the backs of working people, declined to announce specific cuts, and rejected broad cuts to essential services like the police while promising savings and efficiencies. A preliminary budget for fiscal 2026\u201327 is expected next month. Mamdani also said he will coordinate with gov.Kathy Hochul and state legislators, though Hochul\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/if-student-enrollment-is-down-why-are-some-school-districts-on-a-hiring-spree-2\/\" title=\"If Student Enrollment Is Down, Why Are Some School Districts On A Hiring Spree?\">recent state budget<\/a> did not include an <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrats-may-be-forced-to-scrap-tax-increases-from-their-budget-due-to-sinemas-opposition-report\/\" title=\"Democrats May Be Forced To Scrap Tax Increases From Their ... Due To Sinema\u2019s Opposition: REPORT\">income tax hike<\/a> for the wealthy.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Mamdani blames Eric Adams and Cuomo for $12 billion budget deficit<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_2479184\" class=\"tpd-featured-video bridtv\"><\/div>\n<p><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/new-york-city\/\">New York<\/a> Mayor <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/zohran-mamdani\/\">Zohran Mamdani<\/a> teased on Wednesday that he plans to &ldquo;tax the richest New Yorkers and most profitable corporations&rdquo; as a fulfillment of one of his <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/campaign\/\">campaign<\/a> promises.<\/p>\n<p>The move is meant to address the $12 billion budget deficit passed down by former New York Mayor <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/eric-adams\/\">Eric Adams<\/a>, according to his progressive successor, who directly blamed Adams for the city&rsquo;s &ldquo;serious fiscal crisis.&rdquo;<\/p>\n<div class=\"recommended-stories\">\n<h2>Recommended Stories<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/entertainment\/4436952\/stephen-colbert-discussed-running-office-with-family\/\">Stephen Colbert &#8216;discussed&#8217; running for office with family<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house\/4437294\/rubio-trump-administration-love-regime-change-cuba\/\">Rubio says Trump administration would &#8216;love&#8217; to see regime change in Cuba<\/a><\/li>\n<li><a href=\"https:\/\/www.washingtonexaminer.com\/opinion\/columnists\/4437327\/on-this-day-capture-british-transports-marks-bold-moment-early-american-navy\/\">On This Day: The capture of British transports marks a bold moment in the early American Navy<\/a><\/li>\n<\/ul>\n<\/div>\n<div class=\"article-paywall\">\n<p>&ldquo;The Adams administration dramatically and intentionally understated the problem. The budget gaps are twice as high year after year,&rdquo; Mamdani said at a <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.youtube.com\/watch?v=qNIHfEF2DAE\">press conference<\/a>. &ldquo;Notably, Mayor Adams underestimated known budget expenses so he could show fiscal year 2026 was balanced. These are not differences in opinion between accountants. They are measured to the tune of more than $7 billion beyond what he published.&rdquo;<\/p>\n<p>Mamdani also targeted former Democratic New York Gov. <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/andrew-cuomo\/\">Andrew Cuomo<\/a>, one of his mayoral rivals, for &ldquo;extracting&rdquo; the city&rsquo;s financial resources during his 10 years in office.<\/p>\n<p>He explained that the city did not receive the &ldquo;same proportion of state funds&rdquo; between fiscal 2010 and fiscal 2022, resulting in a $21.2 billion gap in fiscal 2022. Cuomo served as governor for most of that time. Mamdani said the state owes the city $8 billion in revenue.<\/p>\n<p>&ldquo;While we did not create this crisis, we will solve it, and we will do so without balancing the budget on the backs of working people,&rdquo; he added.<\/p>\n<p>Mamdani did not disclose any specific cost-cutting measures when pressed by reporters.<\/p>\n<p>&ldquo;Right now, we are not entertaining the idea of cuts,&rdquo; he responded to a question about cuts to the police department. &ldquo;What we are talking about are savings and efficiencies that can be made, but not getting into the place where New Yorkers have to question whether essential quality services will be delivered to them. That will continue.&rdquo;<\/p>\n<p>More details will presumably be announced when City Hall releases a preliminary budget that balances fiscal 2026 and fiscal 2027, as required by law, next month.<\/p>\n<p>A <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/milton-friedmans-revenge\/\" title=\"Milton Friedman\u2019s Revenge\">higher income tax<\/a> on wealthy residents is a key part of Mamdani&rsquo;s economic agenda to address the city&rsquo;s high living costs.<\/p>\n<p><strong><a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/news\/campaigns\/state\/4425188\/hochul-defies-mamdani-with-new-budget-featuring-tax-on-zyn-but-not-the-rich\/\">HOCHUL DEFIES MAMDANI WITH NEW BUDGET FEATURING TAX ON ZYN BUT NOT THE RICH<\/a><\/strong><\/p>\n<p>Gov. <a target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/kathy-hochul\/\">Kathy Hochul<\/a> (D-NY) recently broke with Mamdani on the matter when she announced New York&rsquo;s $260 billion budget, which did not include an income tax hike. However, it featured an extension for the state&rsquo;s 7.25% corporate tax rate for another three years.<\/p>\n<p>On Wednesday, Mamdani said he would work closely with Hochul and state legislature leaders to balance the city&rsquo;s budget deficit.<\/p>\n<\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mamdani: Tax the rich to cover $12B deficit<\/p>\n","protected":false},"author":2159,"featured_media":2555628,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2026\/01\/AP26027628685390.jpg?w=696","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[32284,42875,36661,56552,39987],"class_list":["post-2555627","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-andrew-cuomo","tag-budget-deficit","tag-eric-adams","tag-mamdani","tag-new-york-politics"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2026\/01\/AP26027628685390.jpg?w=696","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2555627","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2159"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2555627"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2555627\/revisions"}],"predecessor-version":[{"id":2555632,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2555627\/revisions\/2555632"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2555628"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2555627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2555627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2555627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}