Progressive Caucus Responds to Mayor’s Executive Budget, Calls for Progressive Revenue Solutions

FOR IMMEDIATE RELEASE: May 4, 2012
CONTACT: Mary Tek, Coordinator
212-341-9509 / nyccprogresscaucus@gmail.com

Progressive Caucus Responds to Mayor’s Executive Budget,
Calls for Progressive Revenue Solutions

The Progressive Caucus of the New York City Council is concerned by the Executive Budget presented today by Mayor Bloomberg. In the short-term, while we are relieved that the Mayor is backing away from his proposal to reduce 2,750 teaching positions through attrition, a plethora of cuts to vital services are still on the table. We can not balance the budget on the backs of parents, youth, seniors and workers. In the long-term, the Mayor acknowledges that the city is operating at a $3 billion deficit that we will have to face head on in Fiscal Year 2014. The Mayor’s stance that continuing to slash essential programs is the only solution to address this shortfall is troubling. The results of our recent survey on the New York City budget showed that New Yorkers overwhelmingly support sustainable long-term revenue solutions that ask corporations, banks and private equity to pay their fair share. We are calling for the administration to consider these alternative revenue options, such as closing the carried interest loophole and ending future subsidies to big banks. The future of our city depends on it.