Pataki Veto Is Defeated

Braun, Martin Z.
May 2003
Bond Buyer;5/20/2003, Vol. 344 Issue 31639, p1
Trade Publication
New York state legislators voted to override state governor George Pataki's rejection of New York City's 2.7 billion dollar bailout package, setting the stage for a controversial 2.5 billion dollar debt refinancing and sparing the city massive cuts and layoffs. The package helps the city close a 3.8 billion dollar budget gap and includes 1.2 billion dollar in restored funding for education and health care, which will be paid for with statewide sales-and income-tax hikes. It also comes when the state already plans to pay for current expenses with a 4.2 billion dollar deficit financing through the sale of tobacco bonds backed by a pledge of the state's credit.


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