Local News

New York State Received More $ From Washington Than it Sent


New York State Comptroller, Thomas DiNapoli, says with historic federal pandemic relief funds, the State of New York received more from the federal government than it sent. The relief funds, which DiNapoli noted are being spent down, boosted the state’s balance of payments to Washington.

The report released shows in the Federal Fiscal Year of 2022, New York State had generated $361.8 billion in federal taxes and benefited from $383 billion in federal spending. Essentially for every tax dollar that was sent to Washington, $1.06 was returned to the state. DiNapoli noted this is the third year in a row of a positive balance for the state.

“The response to the dire economic conditions brought on by the pandemic boosted federal aid for New York and all other states,” DiNapoli said. “As this relief comes to an end, New York’s balance of payments with Washington may again turn negative as federal support returns to pre-pandemic levels. The federal budget is an effective way to produce more equitable outcomes for all Americans, and I hope this report contributes to a constructive dialogue towards that goal.”

You can read DiNapoli’s full report HERE.

On Air Now

Now Playing On X101

Download The X101 App

Site Designed & Hosted by Eves Digital