In their ideological zeal, the new Republicans on Capitol Hill seem eager to gamble everything — the financial reputation of the United States, the international status of the dollar, even the chance of a worldwide depression — on a showdown over the national debt ceiling. What has been mostly a routine if unpleasant debate in Read More
Planes Trains & Automobiles
A group of 30 transit advocates, environmentalists, planners and labor leaders sent Governor-elect Andrew Cuomo a letter [PDF] this morning with a simple request: Don’t allow, or, god forbid, encourage, the Legislature to continue raiding dedicated transit funds for the purpose of covering budget shortfalls.
The Paterson administration did exactly that not Read More
It reads like a joke, but it should make a taxpayer weep: State lawmakers, always willing to take the easy way out of a fiscal mess, have agreed on a plan that would allow Albany and local governments to borrow from their pension funds to make payments to … pension funds.
Yes, you read Read More
Mayor Bloomberg’s presentation of his budget last week was not an uplifting one. Standing before a room packed full of reporters in the West Wing of City Hall, he clicked through a PowerPoint presentation that made it very clear how bad the city’s fiscal problems are.
Under Mr. Bloomberg’s proposed budget, the Read More
Craig Johnson, a Democratic state senator from Nassau County–home to some angry voters who ousted Tom Suozzi recently–comes out in support of David Paterson’s move to withhold raises from state employees.
Not a position most Democrats and allies of labor unions, usually take.
“When the Governor is right, he’s right. His decision to Read More
Scott Stringer finds a way to tie the recent violence in Times Square to…the state budget.
In a public statement, Stringer said:
“One thing is becoming increasingly clear – the city cannot withstand the draconian cuts proposed by the state to our budget. If there was ever a prime example that we need more Read More
David Paterson predicted his budget cuts will be exaggerated by critics and that lawmakers will put out “phony” revenue figures “to try to make it look like a budget.”
Right now, Paterson is fighting with state lawmakers who haven’t gone along with as many spending cuts as he wants, and who want to borrow money Read More
Michael Bloomberg’s budget director today ordered agencies to make preparations for $1.3 billion worth of cuts as a result of cutbacks expected to hit the city in the state’s budget, which is still being negotiated.
City budget director Mark Page said the $1.3 billion cutback could equal losing 19,000 city workers.
Here’s Read More
New York State is facing a budget deficit of $44.2 billion over the next two-and-a-half years, according to the Paterson administration’s estimates released today, a gap that’s grown by an unfathomable $20 billion in just six months (some context: the budget for the entire the State of New Jersey is $29 billion).
The governor yesterday Read More
Lieutenant Governor Richard Ravitch does not have a rosy view of the state’s finances.
Speaking Wednesday morning at N.Y.U., Mr. Ravitch, the state’s point man on the ongoing fiscal crisis, warned of tremendous new budget gaps in coming years, saying the state faces a deficit of about $25 billion over the next two-and-a-half years, about Read More