New York City Mayor Mamdani faces a new alert about the city's financial problems.

New York City Mayor Bill de Blasio has proposed a preliminary budget of $127 billion for the new fiscal year beginning on July 1st, but other officials have warned that the city's financial situation is on the brink. Auditor Mark Levine estimates that operating expenses will exceed revenue by $4.5 billion in the 2026 fiscal year; at the same time, two major credit rating agencies have issued warnings about the city's finances. According to Standard & Poor's data, the city's five-year financial plan predicts deficits of $6.7 billion, $6.8 billion, and $7.1 billion for the fiscal years 2028-30.