'Unprecedented': States face hundreds of billions in lost revenue, NBC News finds

The coronavirus pandemic will cost states hundreds of billions of dollars in revenue in the upcoming fiscal year, according to an NBC News survey of 33 states and Washington, D.C.With most states starting their new fiscal year early this summer, the projections in many cases will serve as the basis for severe budget cuts states may have to make if massive federal government aid doesn't come soon. It is incumbent upon the federal government to help support these states through this difficult time."Newsom added the funding is "not a red issue or a blue issue.""This is impacting every state in America," he said.In New York, the state the coronavirus outbreak hit hardest, more than $31 billion in lost revenue is projected by the end of the next fiscal year. Over the next four years, the state projects that total to hit about $61 billion.Already, New York has planned to cut about $10 billion in spending as Gov. Andrew Cuomo, a Democrat, said his state needs the federal government to provide that $61 billion directly in emergency relief funding.On a per capita basis, states projected to see among the largest decreases in revenue include the two aforementioned states as well as Alaska, New Jersey, New Mexico and Wyoming.Some of the nation's largest states have yet to finalize their projections.