"I will be blunt: New York City is facing a serious fiscal crisis. There is a massive fiscal deficit in our city's budget to the tune of at least $12 billion. "This is the Adams Budget Crisis." "Knowing his time in office was likely coming to an end, Mayor Adams chose political self-preservation over fiscal responsibility. RELATED: 'Proud to be a sanctuary city': Mamdani announces another handout for illegal aliens in NYCZohran Mamdani.