New York City Mayor Zohran Mamdani's budget team failed to appear at City Council hearings Wednesday to discuss the proposed $127 billion spending plan, marking the first time in decades that fiscal officials have been absent from the start of budget negotiations.

The absence comes as Mamdani's administration faces questions about its budget calculations, including projections of a $5.4 billion deficit. City Council members have raised concerns about the mathematical assumptions underlying the spending proposal.

On the same day, Moody's Investors Service downgraded New York City's bond outlook from stable to negative, adding to the fiscal challenges facing the administration. The timing of the rating agency's action coincided with the budget team's failure to attend the scheduled hearings.

The budget proposal totals $127 billion and includes various spending priorities, though specific details about cuts and revenue projections remain under scrutiny. Council members are seeking clarification on the administration's fiscal assumptions and methodology used in budget calculations.

The combination of the missed hearings and the Moody's downgrade represents a challenging moment for Mamdani's administration as it seeks to advance its budget priorities through the legislative process.