New York City Council passes record $101 billion budget deal

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New York City Council passes record $101 billion budget deal
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  • 📰 CBSNewYork
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New this morning: New York City Council passes $101 billion budget -- the largest in city history. JohnBDias breaks down what's included and what isn't.

As CBS2's John Dias reported, the 2023 budget is the biggest in the city's history. It jumped by more than $2 billion, because the mayor says the city collected more taxes than needed, and it was saving the extra funds for a rainy day.

It includes expanding the New York City earned income tax credit by $250 million to put more money in working families' pockets, boosting the city reserve to $8.3 billion -- the highest level in city history -- adding $3 billion to the labor reserve in anticipation for negotiating labor agreements, and adding funds for public safety resources.

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