LOC23:29
20:29 GMT
NEW YORK, March 29 (KUNA) -- Companies' closure in New York and shortage in federal funding left the State of New York in budget deficit which ranged between USD 10-15 billion, the state's Governor Andrew Cuomo said Sunday.
The federal assistance "we have been waiting" for from Washington D.C. has not arrived, so "we need to undergo unprecedented drastic" budget cuts, Cuomo told a news conference but did not specify the cuts.
The federal government's assistance cannot compensate the huge losses, he said, because companies were forced to close.
Cuomo said the USD five billion aid for New York could only be used to cover coronavirus-related expenses.
Therefore, the State would have to do some short-term borrowing to make up for late tax collection and lost revenues.
The US Congress approved an urgent USD 2.2 trillion aid package, the largest in America's history, to help individuals and companies cope with devastating impacts of the virus, as well as providing necessary medical supplies.
Recent figures showed that unemployment jumped to a record 3.3 million people. (end)
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