N.Y. Deficit: Silver Says No Tobacco

McKaig, Ryan
March 2003
Bond Buyer;3/19/2003, Vol. 343 Issue 31596, p1
Trade Publication
U.S. Assembly Speaker Sheldon Silver and two other Democrats on March 17 have introduced a bill that would allow the state to borrow up to 3.5 billion dollars to help close a two-year budget deficit by fiscal 2004 that is expected to total 11.5 billion dollars. The measure, which calls for selling deficit bonds backed by the state's personal income tax receipts, was crafted as an alternative to Republican Gov.If adopted, the measure would build on a program the state adopted last year to replace its traditional appropriation-backed bonds with bonds backed by 25% of personal income tax receipts.Rating analysts have said that whatever type of deficit borrowing state leaders ultimately decide on will reveal a structural weakness in the state's finances, which could possibly lead to a downgrade of its credit, which is rated A2 by Moody's Investors Services Corp. and AA by Fitch Ratings Inc. and Standard & Poor's Corp.


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