💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Cuomo Says Stimulus Bill Provides ‘Drop in the Bucket’ for N.Y.

Published 03/25/2020, 12:20 PM
Updated 03/25/2020, 12:36 PM
© Bloomberg. NEW YORK, NY - MARCH 24: New York Governor Andrew Cuomo speaks to the media at the Javits Convention Center which is being turned into a hospital to help fight coronavirus cases on March 24, 2020 in New York City. New York City has about a third of the nation’s confirmed coronavirus cases, making it the center of the outbreak in the United States. (Photo by Eduardo Munoz Alvarez/Getty Images)

(Bloomberg) -- The stimulus package working its way through Congress is “terrible” for New York state, the epicenter of the coronavirus pandemic in the U.S., Governor Andrew Cuomo said.

The $2 trillion in aid approved by the U.S. Senate includes $3.8 billion for New York state and $1.3 billion for New York City, Cuomo said, which he called a “drop in the bucket.” Lost tax revenue will cost Albany as much as $15 billion, he said.

Cuomo has been the chief outside-the-Beltway critic of the Trump administration’s response to the coronavirus outbreak, demanding that Trump invoke his national-security authority to speed production of ventilators and other medical equipment.

He has also said that helping New York would also help other regions of the country where the outbreak probably will flare up next.

“The apex highpoint will be sequential across the country,” Cuomo said. “We’re asking the country to help us, we will return the favor.”

Cuomo made his remarks at a news conference on Wednesday as he reported 5,146 new confirmed cases of the virus, for a total of almost 31,000. There were nearly 3,000 new cases in New York City, for a total of almost 18,000.

Some news was hopeful. The rate of hospitalizations among confirmed coronavirus patients has declined to about 12%, from a peak of 23% on March 18, Cuomo said. The decrease could be attributed partly to expanded testing.

“This is a very good sign and a positive sign. Again, I’m not 100% sure it holds or it’s accurate, but the arrows are headed in the right direction,” Cuomo said.

Cuomo has repeatedly complained that too many New Yorkers aren’t taking social distancing seriously, particularly on streets and in parks.

Authorities are experimenting with street closures in New York City so that pedestrians can keep their distance from one another, Cuomo said. They’re also mandating social distancing in playgrounds, which means no close-contact sports like basketball.

He said that law enforcement officers will be watching. “If it doesn’t happen, we will actually close down playgrounds,” Cuomo said.

The state is racing to add hospital capacity to meet a projected need of 140,000 beds. In addition to the existing 53,000 or so hospital beds in the state, another almost 30,000 will be added by retrofitting dormitories at downstate public colleges, Cuomo said.

©2020 Bloomberg L.P.

© Bloomberg. NEW YORK, NY - MARCH 24: New York Governor Andrew Cuomo speaks to the media at the Javits Convention Center which is being turned into a hospital to help fight coronavirus cases on March 24, 2020 in New York City. New York City has about a third of the nation’s confirmed coronavirus cases, making it the center of the outbreak in the United States. (Photo by Eduardo Munoz Alvarez/Getty Images)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.