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New York's fiscal future is reportedly on shaky ground.

According to a new report from former Lieutenant Governor Richard Ravitch and former Fed Chair Paul Volker, New York is headed down "unsustainable paths" when it comes to providing much needed domestic services for residents. 

The report says there is no indication that the Empire State will be able to continue its existing tax and spending practices, and says impending federal tax reform efforts could hit the state hard.

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