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11-27-2009, 06:02 PM #1
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Is New York Headed for Bankruptcy?
Is New York Headed for Bankruptcy?
Friday, November 27, 2009 1:44 PM
By: Dan Weil
New York’s cash reserve is dwindling quickly, and the state faces a crisis if it doesn’t address its budget woes soon.
If the government can’t reach a budget agreement by Dec. 31, the state’s cash reserve will total only $36 million, and that’s only if the state dips to the bottom of its emergency reserve.
New York’s budget deficit totals $3.2 billion.
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Democratic Gov. David Paterson has urged the legislature to deal with the gap. But with public support for him virtually non-existent, his words carry little weight.
On the bright side, New York’s legislature is famous for waiting until the last minute to address budget problems. So many legislators and outside experts predict the government will act before it’s too late.
In addition, Wall Street bonuses are paid in January, and the state will receive withholding tax revenue from those payments.
But given the lack of progress in negotiations so far, state officials are readying for a cash crisis.
Some government services may have to shut down if no action is taken.
“Unless we act, New York will run out of money, even after we delay payments to schools and local governments,â€Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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11-27-2009, 06:53 PM #2
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New York is a "Santuary City". If NYC stopped ALL services for illegals/anchors NYC could pull itself out of the mess.
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