State Takes Over Nassau County's Finances

The state took control over the finances of Nassau County, one of the nation's wealthiest, because it could not balance its $2.6 billion budget.

A state-appointed panel voted in favor of seizing the county's budget Wednesday because lawmakers failed to balance the deficit that at one point last year ballooned to $350 million.

"In terms of deep cuts, you know, county parks being closed, thousands of layoffs, very popular services curtailed -- we have not seen that in Nassau County yet," Hofstra University professor Lawrence Levy said.

Nassau residents pay hefty sums in property taxes.

County Executive Ed Mangano told the Associated Press that the county's budget is balanced, and it's likely officials will fight the decision in court.