It just doesn’t make any sense!
Why does New York and New Jersey need 50 billion because of a tropical storm? surely the vast majority of the property damaged was covered by insurance.
By comparison Tarp was 700 billion.
This just stinks to high heaven to me. It looks like a backdoor way of getting TARP 3 money, but then focusing it all on New York and New Jersey as political payback.
RE: focusing it all on New York and New Jersey as political payback.
As a New Yorker, I know that our state’s budget deficit is $2 Billion for 2012.
Assuming NY gets HALF of this $25 Billion, they can close this gap with that money ( that means Taxpayers of OTHER STATES are helping NY close their deficit ), with plenty of cash top spare for Sandy relief.
With this, I see no reason why NY should have any more deficits in 2013. But who wants to bet that the deficit will be larger than ever in 2013?