New York Budget Battle Rages On, Endangering State in Bond Market

McDonald, Michael
June 2003
Bond Buyer;6/9/2003, Vol. 344 Issue 31652, p1
Trade Publication
New York governor George E. Pataki lost the budget battle with the state Legislature in May 2003, but the war in Albany, New York continues, threatening to do further damage to the state's image in the bond market, which has already suffered. In new Department of Budget documents, Pataki said he has prepared a plan to reduce costs and is also considering a number of legal challenges to the Legislature's 2004 spending plans. He also threatened to abandon plans to refinance 2.5 billion dollars in Municipal Assistance Corp. debt to help New York City.


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