Streams

Comptroller Warns of Shutdown Consequences for New York

Tuesday, October 01, 2013

New York's comptroller is warning that a prolonged government shutdown could depress the state's already struggling economy.

The partial federal government shutdown is affecting about 116,000 federal workers in New York who are furloughed because of the shutdown. But State Comptroller Tom DiNapoli said a prolonged crisis could hurt New York's fragile economic recovery as well. He said if Congress fails to agree on raising the federal debt ceiling later this month, then the stock market and the bond markets could suffer, which could negatively impact the state's pension fund and private retirement accounts.

"If the federal government is viewed as a dead beat, that's going to have reverberations throughout the rest of government finance," DiNapoli said. "That's a troubling specter that's hanging out there."

DiNapoli said if the shutdown continues until later in the year, federal funding for expensive programs like Medicaid could be jeopardized.

Tags:

More in:

News, weather, Radiolab, Brian Lehrer and more.
Get the best of WNYC in your inbox, every morning.

Leave a Comment

Register for your own account so you can vote on comments, save your favorites, and more. Learn more.
Please stay on topic, be civil, and be brief.
Email addresses are never displayed, but they are required to confirm your comments. Names are displayed with all comments. We reserve the right to edit any comments posted on this site. Please read the Comment Guidelines before posting. By leaving a comment, you agree to New York Public Radio's Privacy Policy and Terms Of Use.

Sponsored

Latest Newscast

 

 

Support

WNYC is supported by the Charles H. Revson Foundation: Because a great city needs an informed and engaged public

Feeds

Supported by