Zohran Mamdani: “We inherited a $12 billion fiscal deficit that through an…”

“Are you willing to offer those kinds of incentives to bring back some of the thousands of businesses that have left or shuttered over the last few years? You know, first, you are absolutely correct to describe this. What We inherited a $12 billion fiscal deficit that through an immense amount of work and savings and use of our own reserves, we were able to bring down to $5.4 billion. That's still where it stands today. And it is the kind of fiscal deficit the city has not seen for a generation dwarfs even that of the Great Recession.” (16:24–16:37)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.