NY Eyes Extra Revenue But Forecasters Warn About New Virus

first_imgPhoto: Jim Bowen / CC BY 2.0ALBANY — New York could see at least $700 million in extra tax revenue through March 2021, but the state’s economic outlook is nonetheless uncertain because of the new coronavirus outbreak.The state’s latest economic forecast says the spread of the disease could end up severely restraining global and domestic growth and hurting global supply chains. But forecasters say a quick resolution to the outbreak could make the economic outlook less bleak.The governor and Legislature’s annual consensus forecast was released Sunday — the same day that the state confirmed its first case of COVID-19 in a woman who had recently returned from Iran.Amid worries about how the outbreak might affect the state’s economy, there was some good news: The forecast estimated that the state could have at least $700 million in extra revenue over the next year, and two separate reports by the state Senate and Assembly say New York could see even more money, predicting over $1 billion more in additional tax revenues through March 2021. Lawmakers and Gov. Andrew Cuomo are currently discussing how to use any extra revenues in the state budget, which is due by April 1.The state’s Comptroller Thomas DiNapoli and fiscal watchdog groups are calling for more money in the state rainy day fund in case the economy worsens. Liberal advocacy groups want the state to direct more spending to education and the state’s increasingly costly Medicaid system serving 3 million low-income New Yorkers.The consensus forecast says the national economy will keep growing but at a slower pace due to declining global growth, a tight labor market and the waning impact of 2017 corporate tax cuts.The report estimates that personal income and wage growth will increase over the next two years but also at a slowing pace. Any increase to interest rates could also hit New York particularly hard, forecasters warn. Share:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window)last_img read more

Champions Trophy semi-final :Kohli calls for complete focus against ‘dangerous’ opponents Bangladesh

first_img(REUTERS) – India captain Virat Kohli shrugged off concerns about his team’s lower-middle order ahead of their Champions Trophy semi-final with Bangladesh today and called for complete focus against their “dangerous” opponents.India’s top order were solid in group-stage victories over Pakistan and South Africa, meaning the likes of Hardik Pandya, Kedar Jadhav and Ravindra Jadeja have not really been tested apart from during the defeat by Sri Lanka.The trio did not bat against South Africa and Jadeja has not faced a ball in the tournament, leading to concerns about what might happen if the likes of Rohit Sharma, Shikhar Dhawan, Kohli, Yuvraj Singh and Mahendra Singh Dhoni fail to fire.“As a batsman you want to finish off games,” Kohli told a news conference yesterday. “You are not necessarily going to get out thinking ‘my middle order has not got enough game time’.“We know Kedar and Hardik are playing really well at the moment so we are not bothered at all.”Kohli said India would field the same team that pulled off a comprehensive eight-wicket win over South Africa in their last match, meaning spinner Ravichandran Ashwin will keep his place at the expense of pace bowler Umesh Yadav.The skipper also warned his team not to underestimate Bangladesh, a team who have improved dramatically over the past few years to the point where they are now one game away from reaching a first final at an ICC event.“It’s no surprise anymore to anyone that they are doing really well,” Kohli added. “They are a very dangerous side on their day and everyone realises that … Bangladesh have taken huge strides.”Bangladesh skipper Mashrafe Mortaza urged his team not to let the hype surrounding the match get to them.“Our plan was always to take it match by match,” he said. “I think if everyone approaches the semi-final as just another match, it will be good for the team.“There will be a lot of hype around this game … but our first task is to stay relaxed and play.”Mortaza said Bangladesh would need to adapt to the conditions at Edgbaston, a venue they have not played at yet during the tournament.“The wicket looks the same as the one at The Oval,” he added. “It could be tough, but the truth is we will have to adjust to playing on it no matter what shape it is in.”The Bangladesh skipper also dismissed concerns that the pressure of the occasion could get to his side.“If you talk about pressure, I think India have more pressure than we. Because huge population is there and the people love cricket a lot,” he said. “Both teams have a lot of expectations.”last_img read more