Mayor Eric Adams considering tax hikes to address multi-billion dollar budget gap
NEW YORK -- Mayor Eric Adams tells CBS New York political reporter Marcia Kramer he's considering tax hikes to address a multi-billion dollar budget gap.
The mayor admits the need for budget cuts has already alienated some voters, but says, "Everything is on the table."
"If we're taking library hours away, if we're having our city agencies have to find efficiencies inside, which is traumatizing for my commissioners who dedicate their lives to these initiatives-- Marcia, everything is on the table. I need to get clear to New Yorkers -- we have a $12 billion hole. We have a $12 billion hole. We can't, this is not sustainable," Adams said.
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The budget gap is caused in part by the asylum seeker crisis and the reduction in federal aid for COVID.
The mayor has already announced 5% cuts across the board impacting every city agency.
Click here to watch more of the mayor's interview on "The Point with Marcia Kramer."