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CHECKS worth up to $400 will be sent out to Americans as an inflation refundCredit: Getty Images – Getty<\/p>\n
In New York<\/a>, Governor Kathy Hochul has confirmed that checks worth $400 will be issued as a financial rebate to offset high inflation<\/a> costs.<\/p>\n An estimated $2 billion will be distributed to approximately eight million New York residents as part of the rebate.<\/p>\n The state is preparing to send out the checks in October, and payments will take a few weeks to be fully delivered. <\/p>\n Residents who filed a 2023 Form IT-201 and reached the required income thresholds will receive the check automatically. <\/p>\n Joint filers up to $150,000 will get $400,\u00a0and single filers up to $75,000 will get $200.<\/p>\n Although this rebate was factored into New York’s yearly federal budget, proposed cuts put the payment at risk.<\/p>\n The payment was questioned by opponents<\/a> of Hochul, who believed the money could be better spent elsewhere.<\/p>\n Assembly member Clare Valdez, a Queens Democrat, claimed: “Those billions of dollars should be going to SNAP<\/a> benefits, to Medicaid – to things that really keep people alive. <\/p>\n “It feels a little misguided.”<\/p>\n While Lieutenant Governor of New York, Antonio Delgado, who is challenging Hochul in a 2026 Democratic primary race, labeled the payments as a “gimmick”.<\/p>\n US state to give $1,000 \u2018relief\u2019 checks in new proposal \u2013 and checks could hit accounts this yearHOCHUL STANDS FIRM<\/p>\n But Hochul has stood firm on the payments, stating how vital it is that New Yorkers get the money<\/a>.<\/p>\n She said: “We collected more money than we expected to collect because of inflation. <\/p>\n “And that came off the backs of hardworking families in New York. So my view is: Give it back to them.”<\/p>\n Hochul also said last week: “What I want to do is help struggling families and those who think we should just set it aside – I mean, I don’t understand the logic of that.<\/p>\n CPI and Inflation explained<\/p>\n The Consumer Price Index is how the federal government measures inflation.<\/p>\n Every month, the Bureau of Labor Statistics shares its CPI numbers with detailed breakdowns of which items have changing prices.<\/p>\n The CPI shows the amount prices rose or fell over the previous 12 months.<\/p>\n The calculation process is complex, but measures the changes in price for urban consumers, those living or working in an American metropolitan area.<\/p>\n While that does not cover everyone, it measures prices for about 90% of the population.<\/p>\n “Now more than ever, that money is essential. And anyone who criticizes \u2026 you’re tone deaf to what the New Yorkers that I’m running into want.”<\/p>\n BUDGET WORRY<\/p>\n Lawmakers in New York are currently facing a $10.5 billion budget gap next year.<\/p>\n This is according to the\u00a0most recent projections<\/a>\u00a0from Hochul’s budget division.<\/p>\n Predictions show that there will be a $34.3 billion deficit across the next three years.<\/p>\n This would mark the worst deficit amount since the Great Recession<\/a>, per analysis<\/a>\u00a0by Comptroller Thomas DiNapoli.<\/p>\n Hochul said that while the state will struggle to make up the projected deficit, she refuses to hike income taxes. <\/p>\n Initially, the rebate was set to be $3 billion instead of $2 billion, but the amount was reduced following budget negotiations.<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2025\/08\/money-united-states-united-states-884779323.jpg\"\/)
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