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Cuomo budget missing labor accord earns debt rally: muni credit

In 2012, he also pushed through a pension plan that raised the retirement age to 63 from 62 for new workers, which he expect will save the state and its localities $80 billion over 30 years.

By Freeman Klopott | Updated on January 28, 2014

Jan. 28 (Bloomberg) — New York Governor Andrew Cuomo is betting he can hold the line on spending for five years to pay for tax cuts. Investors back the plan, even as it leaves out the cost of renewing contracts with the state’s biggest unions.

Cuomo’s Jan. 21 proposal gives voters a piece of a projected $2.2 billion surplus in the form of lower property and corporate levies. The framework marks as “to be determined” the cost of contracts that expire in two years for about 122,000 state workers.

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