New York becomes first state to introduce congestion pricing

The New York State Legislature and Gov. Andrew Cuomo on Sunday agreed to a $175 billion budget on Sunday, which includes a new congestion pricing policy that would charge a fee to vehicles traveling south of 60th Street, the New York Times reports.

Why it matters: Revenue from the congestion toll — which is the first such policy in the country — will be used to help renovate the city's crumbling subway system. It's part of a broader push by state officials scrambling to manage the increased financial stress from the city's rapid growth.