New York state Democrats are considering raising taxes and legalizing weed in efforts to overcome a budget that is projected to experience a deficit in the “billions,” according to a report.

The liberal legislators considered raising taxes and decriminalizing weed – as well as sports betting – to make up for money lost during the coronavirus pandemic in a Wednesday meeting, according to BizPacReview. Democratic Assembly Education Committee Chairman Michael Benedetto said his state is “going to be billions of dollars short” for the 2021-2022 fiscal year.”

“If there was an idea to raise money, it was discussed today,” Benedetto told the New York Post. “Everything was discussed at great length. It was a very sober meeting. There are going to be more sober meetings. It’s heavy stuff.”

They considered raising income tax rates on billionaires and millionaires, as well as imposing a possible tax on stocks and second homes.

The New York chapter of Democratic Socialists of America is also engaging in a phone campaign to sway public opinion in favor of the tax hikes, as opposed to the alternative of slashing funding from education and other public services, BizPacReview reports.

Gov. Andrew Cuomo warned of extensive layoffs and tax increases in a Wednesday press briefing.

“If we do not get federal funding, the consequences are going to be devastating to this state, and the families and governments within the state,” he said. “You can see the layoff of several thousand government workers unless the federal government is truly responsible and accountable, and really gives New York the funding it deserves.”

“You’ll see tax increases…you could see dramatic tax increases that would hurt families and hurt the economy,” he added.

The governor also indicated a willingness to legalize marijuana as a possible source of state income, the Post reports.