State Senate Republicans on Monday called for an official cap on state spending in the New York budget as inflationary costs continue to take their toll.
The conference released a report highlighting the effects of inflation on New Yorkers’ wallets and offered a 10-point set of proposals aimed at reducing the impact of rising consumer prices. This includes a formal 2% cap on spending increases in the state budget as well as targeted tax breaks, lower housing costs and the approval of measures to reduce energy prices.
“Our comprehensive inflation report reaffirms what we’ve heard from millions of New Yorkers: individuals, families and businesses are grappling with higher costs and failed one-party policies,” the leader said. of the minority in the Senate, Robert Ortt. “Our policy solutions are designed to help the forgotten, hardworking taxpayer; the New Yorker who gets up every day and works hard to provide for their family; the New Yorker who deserves better than having to choose between fueling up or feed his family. As our nation sadly enters an economic recession, New Yorkers cannot afford out of touch politicians who refuse to acknowledge reality. This economy has been shattered on their watch. Senate Republicans are at the listening and ready to act.”
Former Governor Andrew Cuomo, during his tenure, sought to limit the increase in overall state spending in the budget each year. New York lawmakers and Governor Kathy Hochul, facing an influx of federal aid and tax revenue from higher taxes on high-income New Yorkers, pushed spending to $216 billion in the budget of April.
But the budget included widespread tax relief as well as rebates for property taxpayers in New York. Lawmakers and Hochul also agreed to a partial suspension of gasoline taxes that will be in effect until the end of the year.
Concern over a slowing economy could take center stage during the election season, however.
“Republicans have always been the party of fiscal responsibility,” said Sen. Phil Boyle. “In this age of runaway inflation, this philosophy is more important than ever as our Republican Senate Conference strives to make New York State more affordable.”