Budget 2012

The Takeaway

As Debt Talks Falter, Moody's Places U.S. Credit Rating Under Review

Thursday, July 14, 2011

Responding to concerns that lawmakers in Washington will fail to reach an agreement on raising the country's debt threshold, credit ratings agency Moody's placed the U.S.'s credit rating under review for the first time since the federal government shutdown in 1995. The U.S. still risks losing the Aaa rating it has had since 1917, even if lawmakers come to a last minute agreement before the August 2 deadline.

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City Arts Groups Relieved After Restoration of Fiscal Year 2012 Budget

Tuesday, July 05, 2011

The Department of Cultural Affairs had faced $43 million cuts in the mayor’s original proposed budget, which would have reduced operating funds to major museums, theaters and zoos by 50 percent and caused some 1,000 employees in the cultural sector to be laid off.



City Council Debates Mayor Bloomberg's Proposed Arts Cuts

Monday, May 23, 2011

On Monday, City Council committees held hearings on the mayor’s proposed $43 million cuts to the Department of Cultural Affairs.