Adams Proposes $115 Billion Budget Amid Economic Concerns

New York City Mayor Eric Adams unveiled a record $115 billion executive budget proposal, touting it as the 'best budget ever' with major new spending on education, social services, and housing as he seeks reelection. The budget reverses prior cuts, expanding early childhood education, after-school programs, and funding for nonprofits, made possible by higher-than-expected tax revenue and declining costs for migrant services. However, fiscal watchdogs and political rivals have raised concerns about the city's vulnerability to a potential economic downturn and looming federal funding cuts, particularly as new tariffs and policies from the Trump administration threaten to slow tax revenue growth and impact the city's economy. Critics argue that Adams' plan does not sufficiently bolster reserves, with several prominent figures—including the city comptroller and the Citizens Budget Commission—calling for increased savings to prepare for possible shortfalls. Despite these warnings, the City Council has offered early praise for the budget's focus on their priorities, while also pledging to push for additional funding and safeguards during negotiations.