Two top City Hall administration officials said on Thursday that Mayor Eric Adams’ newly released executive budget does not put additional funds into reserves ahead of President Trump’s tariffs and broad funding cuts because they do not anticipate that it would spark a “doomsday scenario” for the city’s economy.

First Deputy Mayor Randy Mastro and Budget Director Jacques Jiha insisted their forecasts show an economic slowdown rather than a full-blown recession, despite rising fears that Trump’s moves could cause the latter. The city has already experienced Trump’s administration cutting $100 million of US Centers for Disease Control and Prevention funding for its Health Department and moving to claw back all of the federal migrant crisis aid it recieved under former President Joe Biden.