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Governor Cuomo Outlines Cost of Washington Default on New York Economy
longisland.com ^ | October 09, 2013

Posted on 10/09/2013 2:42:21 PM PDT by Tailgunner Joe

Albany, NY - October 9, 2013 - Governor Andrew M. Cuomo today outlined the economic cost of a Federal default on New York, including serious potential damages to the fiscal health of the State that would undermine the economic progress it has made in the last three years. A default would be unprecedented, but data from past recessions suggests that the State’s revenue loss could be as high as $2 billion.

“Congressional dysfunction has already hurt New York and the nation’s economies by fueling a lack of consumer confidence nationwide. Jeopardizing our full faith and credit is a new level of recklessness and irresponsibility that would have dire consequences and could cause irreparable damage to our economy,” said Governor Cuomo.

(Excerpt) Read more at longisland.com ...


TOPICS: US: New York
KEYWORDS:

1 posted on 10/09/2013 2:42:21 PM PDT by Tailgunner Joe
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To: Tailgunner Joe

Where’s that $56 Billion (with a B) you ‘misplaced’ as HUD Secretary, Little Mario? We could use that now.


2 posted on 10/09/2013 2:44:03 PM PDT by dead (I've got my eye out for Mullah Omar.)
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To: Tailgunner Joe
New York State should transfer NYC to Connecticut.

Or Nuevo Hursey.

3 posted on 10/09/2013 2:46:36 PM PDT by Paladin2
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To: Tailgunner Joe

FNY!


4 posted on 10/09/2013 2:47:47 PM PDT by Arm_Bears (Refuse; Resist; Rebel; Revolt!)
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To: Tailgunner Joe

People worry about bailing out Detroit but the simple fact is that cities nationwide are getting tons of money all the time.


5 posted on 10/09/2013 2:47:47 PM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: FReepers
Post #436!







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Jim Robinson is handling the Donations "this afternoon" while JustAmy runs her errands!!

PLEASE Make Your Donations now!!!!!


6 posted on 10/09/2013 2:49:27 PM PDT by onyx (Please Support Free Republic - Donate Monthly! If you want on Sarah Palin's Ping List, Let Me know!)
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To: Tailgunner Joe
"State’s revenue loss could be as high as $2 billion."

Or on the other hand, the taxpayers savings on cutting New York off from the teat comes to the tune of $2 billion a year.

The man argues a good case!

7 posted on 10/09/2013 2:50:48 PM PDT by blackdog (There is no such thing as healing, only a balance between destructive and constructive forces.)
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To: Tailgunner Joe

I get so tired of hearing that phrase “full faith and credit”. We the People have no faith in the government any more and even loan sharks get to the place where they won’t issue any more markers. It’s time for some cutting off at the kneecaps.


8 posted on 10/09/2013 2:51:31 PM PDT by Grams A (The Sun will rise in the East in the morning and God is still on his throne.)
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To: blackdog

I encourage NY to withhold payment of $2 billion in taxes if they don’t like it. In fact all states should do the same.


9 posted on 10/09/2013 3:00:28 PM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: Tailgunner Joe

Default will not happen. The WH is surrounded by banks.


10 posted on 10/09/2013 3:40:53 PM PDT by 1010RD (First, Do No Harm)
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To: Tailgunner Joe

You would think a governor of a state would be embarrassed to admit his state relies on the feds for wealth and prosperity.


11 posted on 10/09/2013 3:42:25 PM PDT by raybbr (I weep over my sons' future in this Godforsaken country.)
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To: raybbr

The three cornerstones of Democrat electoral supremacy (NY, Ill, and Cal) understand they are golden when it comes to state budget deficits.

Uncle Sam will offer some way, some how to save their @ss.


12 posted on 10/09/2013 3:43:59 PM PDT by nascarnation (Frequently wrong but rarely in doubt....)
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