Ranzenhofer explains State spending cap legislation
State Senator Michael H. Ranzenhofer explains Senate Bill No. 1892, which would enact a State spending cap at two percent or 120 percent of the Consumer Price Index, whichever is less. If a spending cap had been implemented for the previous ten years, New York would spend $30 billion less next year. Enacting a spending cap now would force the State to cut spending by $9 billion next year. The legislation, introduced and sponsored by Senator Ranzenhofer, passed the State Senate on January 19.