Republicans in the state Senate on Monday called for a formalized cap on state spending in New York's budget as inflationary costs continue to take their toll.
The conference released a report highlighting the effects of inflation on New Yorkers' wallets and proposed a 10-point package of propoals meant to curtail the impact of higher consumer prices. That includes a formal 2% cap on spending increases in the state budget as well as targeted tax relief, a lowering of housing costs and approving measures meant to reduce energy prices.
“Our comprehensive report on inflation reaffirms what we’ve heard from millions of New Yorkers: individuals, families and businesses are struggling under higher costs and the failed policies of One-Party-Rule," said Senate Minority Leader Robert Ortt. "Our policy solutions are designed to help the forgotten, hardworking taxpayer; the New Yorker who gets up every single day and works hard to provide for their family; the New Yorker who deserves better than having to decide between filling up the tank or feeding their family. As our nation sadly goes into economic recession, New Yorkers can’t afford out-of-touch politicians who refuse to acknowledge reality. This economy has been broken under their watch. Senate Republicans are listening and ready to act."
Former Gov. Andrew Cuomo during his time in office sought to limit overall state spending increased in the budget each year. New York lawmakers and Gov. Kathy Hochul, dealing with an influx of both federal aid and tax revenue from higher taxes on upper income New Yorkers, pushed spending to $216 billion in the budget this April.
But the budget did include broad-based tax relief as well as rebates for property taxpayers in New York this. Lawmakers and Hochul also agreed to a partial suspension of gas taxes that will be in effect until the end of the year.
Anxiety over a slowing economy, however, could take centerstage during the election season.
“Republicans have always been the party of fiscal responsibility," said Sen. Phil Boyle. "In this era of runaway inflation, that philosophy is more important than ever as our Republican Senate Conference works to make New York State more affordable."