Albany Rescues N.Y.C

McDonald, Michael
May 2003
Bond Buyer;5/6/2003, Vol. 344 Issue 31629, p1
Trade Publication
In April 2003, when New York city Mayor Michael R. Bloomberg exposed the budget that assumed the state would not help the city close a projected 3.8 billion dollar deficit, he said, “in the end it is Albany and the unions that we have to depend on.”On May 2 2003, Bloomberg traveled to the state capitol, where he set aside his commuter tax proposal and joined legislative leaders in unveiling a 2.7 billion dollar package that would restore cuts proposed by Governor George E. Pataki and authorize the city to raise its sales and income taxes. The package was put together by Assembly speaker Sheldon Silver and Senate majority leader Joseph Bruno, who restored the funding cuts in their 92.8 billion dollar state budget, which was passed on May 2 2003, and authorized the hikes in separate legislation.


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