The federal stimulus package likely to be signed by President Biden this week will erase the majority of San Francisco’s projected $650 million budget deficit over the next two years, saving City Hall from having to make painful service cuts and layoffs — for now.
While the federal stimulus is a boon for the economy in the short term, it will not solve all of the city’s financial woes. San Francisco’s ultimate recovery heavily depends on how quickly parts of the local economy bounce back, from tourists visiting the city to employees returning to downtown offices.
Hmm, I wonder which member of Congress’ district is San Francisco. I’ll give you one guess…yep, it’s Speaker of the House Nancy Pelosi.
Along with that, we know that New York is in deep trouble as well. If only they could get some help…oh, wait…they are getting help in the bill also.
How much help exactly? All of the help they need. Because of this stimulus package, the deficit for the state of New York is now ZERO. Hmm, I wonder who is Senator for New York, oh wait, I remember…Senate Majority Leader Chuck Schumer.
The $1.9 trillion COVID-19 relief package passed by the US Senate wipes out New York State’s projected budget deficit — possibly negating the need for hefty tax hikes or spending cuts, Senate Majority Leader Chuck Schumer’s office said Monday.
“Ok. Thanks to @SenSchumer NYS budget deficit for this year is…..Zero, nada, niete, zilch (NY terms),” Schumer spokesman Angelo Roefaro tweeted.
The American Rescue Plan provides state government coffers with $12.6 billion in unrestricted aid, a measure championed by Schumer, the New York senior senator. The measure passed the Senate in a 50-49 vote and is expected to clear the Democratic-led House of Representatives on Tuesday and delivered to President Biden for approval.
Asked if the geyser of pandemic relief eliminates the needs for tax hikes or spending cuts, Roefaro told The Post, “the statement speaks for itself.”