Mayor Bill de Blasio wants to borrow big to dig New York City out of a budget mess — just like four decades ago. Fiscal watchdogs say it’s the wrong move.
, which later served as a mayoral launching pad for de Blasio. And during his final term in office, Bloomberg balked at the demands of municipal unions, leaving the entire workforce without contracts.
“We are now $9 billion in the hole between the current fiscal year and the one that begins July 1,” de Blasio said Wednesday. “We project unfortunately beyond next fiscal year additional lost revenue that will hold us back further. There is literally no way that we can solve this problem without federal help or without having to make very, very painful choices that will affect the quality of life in this city.
The city routinely takes on debt to pay for long-term construction and infrastructure projects, but it is not allowed to borrow for its annual operating budget — a prohibition dating back to the financial crisis of the 1970s. New York City had been borrowing money to stay afloat, then borrowing more to pay off prior loans. In the spring of 1975 the banks cut off the city's cash supply.
De Blasio, during a recent briefing, pointed out that Bloomberg was able to secure a similar ability from Albany after Sept. 11, and Cuomo has gone in the same direction to cope with the state’s finances amid the coronavirus crisis.
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