Moody's: Failure to Cut Deficit Could Hurt New York's Credit Rating
Friday, November 20, 2009
New York, NY –
The credit rating agency Moody's says New York's credit rating could be hurt if Governor Paterson and lawmakers don't reach an agreement on cutting spending and closing the state's $3.2 billion deficit.
Moody's warns that if the state fails to curtail spending within the next three months, its costs for borrowing money will likely increase. The announcement by the credit analysis firm comes as Paterson and legislative leaders continue to negotiate after failing since September to address the deepening budget gap.
Today's legislative session was canceled and lawmakers have gone home for the weekend. But Paterson insists they'll be back in meetings on Monday and possibly through the week. "If we find a deal we'll stay even during the holiday to make sure that we put it into law as soon as possible," the governor says.
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