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Home | Local | Local News | No Surprise: New York Is In Deep Financial Trouble

No Surprise: New York Is In Deep Financial Trouble

September 10, 2010 10:41:00
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And State Comptroller says it is going to get much worse.

State Comptroller Thomas DiNapoli says the new state budget relies oin “risky and temporary funding” and may lead to still another financial crisis in New York.

DiNapoli warns that the current budget will result in a shortfall of $15.6 billion by 2013 and a cumulative deficit of $37 billion after that.  He adds that New York will go over the financial cliff at that point.

The state would have been bankrupt this year if it did not get stimulus money from Washington and extra funds from the Obama administration.  However, the feds are also broke, living on borrowed money from China and Saudi Arabia among other foreign governments.

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Mark Kelly November 10, 2010 07:20:20
As long as there is "politics as usual" there will be deficit after deficit. Cut off NYS at Westchester County and have a New York "District of Columbia". Let the "down staters" and those "on the island" or "from the city" support themselves. Leave us out of it...borrowing from Peter to pay Paul never worked before...it still won't.
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