00:00New York City faces a crisis crisis of a historic magnitude.
00:04We inherited a deficit larger than any since the Great Recession.
00:09Years of mismanagement and chronic under-budgeting,
00:11alongside a structural imbalance between what New York City sends to the state
00:15and what we receive in return, have taken a toll.
00:18We cannot close this deficit with savings alone.
00:21We need new revenue.
00:23And we need a structural reset in our relationship with the state.
00:26That is the only way to meet our legal obligation to pass a balanced budget,
00:31and to do so without imposing a financial burden onto the backs of working people.
00:36I'm glad to partner with Speaker Menon as we call upon Albany and deliver a balanced budget.
00:42Together, we are extending the executive budget deadline from this coming Friday until May 12th,
00:47because a crisis at this scale cannot be solved without state action.
00:50I want to be clear.
00:52We are not simply asking others to act.
00:54New York City is doing our part.
00:57We are committed to governing with the fiscal responsibility this moment demands.
01:01Speaker Menon and I have already identified meaningful savings,
01:04and we will continue that work carefully, deliberately,
01:08and without cutting the services that New Yorkers rely on.
01:10But we cannot do it alone.
01:13That is why we are standing together this morning to underscore what is at stake
01:17and to call on Albany to deliver additional revenue.
01:19Thank you.
01:19Thank you.
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