Politiker Reports: Governor Andrew Cuomo is reportedly gathering key advisors for emergency budget meeting to prepare for the state to lose billions of dollars in revenue when Congress’ so-called “supercommittee” doesn’t meet its deadline. A supercommittee failure would have a huge impact on the federal aid that makes up almost a third of the state budget.
The bipartisan supercommittee was created in August and tasked with cutting $1.2 trillion from the federal budget. If the supercommittee is unable to agree on a plan by Wednesday, it will trigger a drastic series of automatic cuts. Though there are still a few days before the deadline, members of the committee were required to present a plan by today. They are expected to admit failure by this afternoon. New York currently gets $40 billion, approximately 30 percent of the total state budget, in federal aid, which will be slashed dramatically when the supercommittee gives up the ghost.
