New York City's mayor Thursday called on President Trump to 'bailout' Trump's 'hometown' from the economic crisis caused by the coronavirus pandemic. The city expects a $7.4 billion budget hit in the next 15 months, Mayor Bill de Blasio said. (April 16)
BILL DE BLASIO: Sales taxes are way down because people aren't going out, and they're not buying things. Income tax, obviously way down. People have lost jobs, lost income.
We believe, based on the kind of careful forecasting that our Office of Management and Budget does every year, that, right now-- this is a horrible figure, and I'm very sorry I have to tell you this, but over this current fiscal year next, we will lose $7.4 billion in tax revenue. That's today's estimate. We don't know what the future brings, but that's what we know right now. And that's a horrifying figure.
Federal government was very quick to bail out the banks a decade ago. No questions asked. Federal government was very quick to bail out the auto industry. How about bailing out the nation's largest city? How about bailing out the epicenter of this crisis where people have been suffering? That is what our federal government should do for every reason-- morally, practically, as any question of fairness, as any question of how we move forward. And we're still waiting.
I made clear to the president that his hometown needs him. And I've had this conversation with him before. All New Yorkers-- 8.6 million-- are watching the White House right now to see if the president will lead. Will the president speak up? If the president of the United States speaks up-- let's be clear-- if President Trump raises his voice, the Republican Senate will follow. Period. Haven't heard his voice yet. I want to give him an opportunity to do the right thing.
So, President Trump, here's my appeal to you-- help us back on our feet. Tell Mitch McConnell that we need stimulus 3.5, and we need aid directly to New York City, directly to New York State, so we can keep providing the help that people need, keep them healthy, keep them safe. If you lead, the Senate will follow. If you are silent, they will not. It's on you, Mr. President.