New York City has finally wriggled off the hook for what's left of that ‘70s debt. Under last week's ruling by the state's highest court, $2 billion the city was obligated to pay the Municipal Assistance Corp. (MAC) over the next four years will be transformed into roughly $5 billion in state payments to yet another financing entity over the next 30 years. Read More
And speaking of debt: in its latest on the newly adopted New York City budget, the state Financial Control Board says the city's unfunded liability for "other post-employment benefits" (OPEB) could approach $100 billion in three years. As shown in th Read More
Daily News columnist Juan Gonzalez has about the $237 million in tax-exempt debt behind the overly luxurious parking "system" near Yankee Stadium in the Bronx: If [the garage defaults], the Bloomberg administration faces th Read More
Bloomberg (the news, not the mayor) reports that the state of Illinois must pay 40 percent more than it did two months ago to borrow money in the bond markets (relative to supposedly risk-free Treasury bonds). Illinois' new 25-year, $300 million... Read More
The House has passed the White House's request for an extension of the Build America Bond program 'till 2012, and the Senate is getting there. Just what state, local, and the federal government need: more "cheap" debt, thanks to an implicit federal... Read More
The Senate passed financial industry "reform" yesterday. But one important amendment failed earlier this week: New Hampshire Senator Judd Gregg's proposal to prohibit federal bailouts of state and local governments. The Judd amendment... Read More
As reported in today's Wall Street Journal, the state may re-enter the short-term credit markets for the first time in two decades in order to cover a cash shortfall in June. The possibility was first raised in a forum at the Rockefeller Institute... Read More
The outlook for a timely and fiscally responsible New York State budget is as poor as it has ever been at this point in a fiscal year that ends March 31. [caption id="attachment_2489" align="alignright" width="178" caption="We like NY's proactiv Read More
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