NYC metro area fiscal situation

Paterson: Deficit Up Another $750 M; Silver Doubts Projections http://www.observer.com/2010/politics/paterson-deficit-another-750-m-shelly-upset-projections this means that the cuts from albany to the city (19% of NYC's budget) are gonna happen imho and reparations will not happen right away. "The money simply isn't there. Financial sector bonuses aren't going to bail us out this time. We are... [more]

Paterson: Deficit Up Another $750 M; Silver Doubts Projections http://www.observer.com/2010/politics/paterson-deficit-another-750-m-shelly-upset-projections this means that the cuts from albany to the city (19% of NYC's budget) are gonna happen imho and reparations will not happen right away. "The money simply isn't there. Financial sector bonuses aren't going to bail us out this time. We are going to have to make real cuts ... I want to start hearing about how we are going to reduce spending, not increase it. We need to be talking about how we are going to close the deficit - not add to it. My partners in the Legislature are going to have to face reality and work with me to make the tough choices to save our State." ------------------- http://www.amny.com/urbanite-1.812039/beyond-doomsday-the-mta-socked-with-400-million-budgetary-hole-1.1741051 MTA officials said Wednesday the agency now faces a $400 million budget gap — even with the “doomsday” cuts planned for the summer. So Moody's reduced the MTA's bond ratings... next will be Fitch (and munis if this deficit continue) http://www.businessweek.com/news/2010-02-03/moody-s-cuts-new-york-mta-rating-after-tax-drops-update4-.html [less]