The Democratic-led Legislature, led by its increasingly powerful progressive wing, raised spending by 8.6%, the biggest jump since 2007, according to the independent Citizens Budget Commission. For 10 years under Cuomo, state budgets rose around 2% annually.

Other analysts also fear New York will become less affordable and less competitive in attracting and retaining jobs.

"Leaders agreed to raise personal income and business taxes and to use some portion of federal funds to inflate spending that likely cannot be supported in the out-years," said Andrew Rein, president of the independent Citizens Budget Commission. "The tax increases simply are unnecessary and economically risky."