‘We don’t need any more debt’: N.Y. Gov. Andrew Cuomo to propose new $50 billion emergency fund for NY economy

‘We don’t need any more debt’: N.Y. Gov. Andrew Cuomo to propose new $50 billion emergency fund for NY economy

New York Gov.

Mark Malloy will propose a $50-billion emergency fund this week, to pay for $20 billion in state and local spending, the governor’s office announced Monday.

The new fund will come on top of the $100 billion already allocated for the fiscal year that began July 1. 

It will go toward funding local police, schools, highways, parks and other programs to make the state’s economy stronger and to help the middle class. 

The governor, who is seeking re-election next year, said the fund is needed to help his state recover from the effects of Hurricane Sandy.

The state has been grappling with a huge backlog of public education loans and grants, which are being used to help pay for new equipment, to help improve the economy, and to deal with the effects on public health. 

“It’s been one of the most difficult periods for the state,” Malloy said.

“It’s a huge amount of money and a tremendous amount of debt that we’ve been forced to take on.

We’ve had to borrow to build schools, pay for hospitals and provide health care to our people.

That’s been a real challenge.” 

Malloy said he is looking forward to a strong economy and a renewed commitment to investing in New York, which has been battered by hurricanes in recent years. 

A state-by-state breakdown of how the fund would be used: $100 billion: Schools, parks, police, roads, highways $15 billion: Construction and maintenance $7 billion: Investment in infrastructure $5 billion: Public health $3 billion: Other $2 billion: The new $20-billion fund for local police $1 billion: Health care $500 million: Other $250 million: Construction $125 million: Local government $50 million: Other  $25 million: The state’s pension system $10 million: State-based pensions $8 million: General fund $4 million: Total $750 million:  The state will pay for the new fund by issuing bonds. 

Macy Brown, a spokeswoman for Malloy, said that the governor is “looking forward to having the governor announce a balanced budget” in the coming months, as the economy picks up. 

For the first time, the state has issued a budget, which is the first step in a long process that will include the state legislature, the General Assembly, and the governor. 

Governors typically don’t take on debt, but they have done so in the past. 

After the financial crisis, Cuomo used $2.2 billion in emergency aid to create the State Emergency Fund, which was used to build new schools and public transit and to fund roads and infrastructure projects. 

On Friday, Malloy asked Congress to approve $300 billion in spending over the next decade.

The governor has also requested $1.3 trillion in spending, but lawmakers have been hesitant to pass such massive spending, as they lack the votes to do so. 

This time, Mallay has said the state will have to borrow money from the federal government to pay back the debt and to provide more help for its working-class citizens. 

More from ABC News: How the financial markets reacted to Governor Cuomo’s budget announcement:  MARK COLVIN: Cuomo budget: New York’s fiscal woes may be just beginning

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