Zohran Mamdani Says New Budget Has Eliminated New York City’s Deficit

New York City Mayor Zohran Mamdani on Tuesday unveiled a $124.7 billion budget that he said would close a projected $12 billion deficit over the next two years without drawing from the city’s rainy day reserves, raising property taxes, or making major cuts to social services. Read more: https://time.com/article/2026/05/13/zohran-mamdani-new-york-city-deficit-budget-funding/ Subscribe to TIME’s YouTube channel ►► http://ti.me/subscribe-time Subscribe to TIME: https://ti.me/3E3UCqt Get the day’s top headlines to your inbox, curated by TIME editors: https://ti.me/48dFNwQ Follow us: X (Twitter): https://ti.me/3xTVwSk Facebook: https://ti.me/3xWI2Fg Instagram: https://ti.me/3dO9Rcc #ZohranMamdani #NYC