New York City faces a $9 billion deficit over the next two years, high levels of unemployment and the prospect of laying off 22,000 government workers if new revenue or savings aren’t found in the coming weeks. The growing economic crisis, brought on by the coronavirus pandemic, has alarmed New York Gov. Earlier this summer, Mr. Cuomo appointed three close allies to the New York State Financial Control Board. The board played a prominent role during the city’s last fiscal crisis in the 1970s, when it wielded broad legal power over the city’s budget and made difficult spending decisions. Mr. Cuomo, a Democrat, has grown concerned about the direction of the city budget, state Budget Director Robert Mujica said in an interview.

Source: Wall Street Journal August 23, 2020 18:00 UTC