No Surprise: New York Is In Deep Financial Trouble
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.