NYC debt ceiling disaster plan, via the comptroller's office
Friday, July 29, 2011 - 04:52 PM
Worried what will happen to city government if the debt ceiling's not raised? John Liu is on it. Here's what the comptroller is counseling the mayor's office on, should congress not raising the debt ceiling. Ready for scare quotes?
"The City could therefore be at risk of losing up to an additional $461 million in direct State aid in August. Accounting for a loss of both Federal and State funding to the City, the total lost revenue in August could exceed $1.39 billion."
"Since so many New Yorkers, particularly the elderly and disabled , rely on their monthly Social Security benefit as their sole source of income ‐ using their check to pay rent, buy groceries and just make ends meet – delaying their benefits for even a few days could inflict unacceptable hardship."
But, really, other than the nightmare withholding Social Security checks to seniors would cause, Liu says the city's actually in decent shape. Don't believe me? Read it for yourself.