1.01.10 EXTREMELY PRECARIOUS AND WORSENING!!!!
November 24, 2009
– Comments (9)
NEW YORK -- Saying the state faces an unprecedented fiscal crisis, New York Gov. David Paterson on Tuesday sought emergency legislation that would give him authority to implement a one-time, across-the-board reduction in state payments to close a $3.2 billion budget gap for the current year.
The proposed bill includes a legislative finding that the state's deficit "presents a genuine danger that the state will lack the funds necessary to make payments as they come due," Mr. Paterson said in a Web address.
The state's "extremely precarious and worsening fiscal situation" necessitates the payment denials that the legislation would allow, he said. Mr. Paterson said Friday that the cuts could involve furloughs and layoffs of state employees, as well as delayed payments to schools, local governments, workers, health care and service providers. Payment reductions would exclude debt service and collective-bargaining obligations, as well as those expenses required under state and federal law.
"I want to make clear that this is not a cash flow problem that can be fixed with one-shorts or creative accounting," Mr. Paterson said. "This is a lack-of-cash crisis that threatens the financial stability of our state. Unless we take action, the state will run out of money."
MAYBE THE GOVERNOR COULD HOLD A PANCAKE SALE??? THANK GOODNESS THE RECESSION IS OVER.........
IT IS SIMPLY IMPOSSIBLE TO SERVICE THE CURRENT OUTSTANDING DEBT......AND OUR NATION IS SHUTTING DOWN TRYING......
AS THE BANKERS PREPARE FOR THEIR TAXPAYER SUPPLIED HOLIDAY BONUSES....
RSS Headlines
Fool UK