Tag: Debt

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

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

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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The Empire Center is an independent, non-partisan, non-profit think tank located in Albany, New York. Our mission is to make New York a better place to live and work by promoting public policy reforms grounded in free-market principles, personal responsibility, and the ideals of effective and accountable government.