Skip to comments.Governor Cuomo Outlines Cost of Washington Default on New York Economy
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 States revenue loss could be as high as $2 billion.
Congressional dysfunction has already hurt New York and the nations 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 ...
Where’s that $56 Billion (with a B) you ‘misplaced’ as HUD Secretary, Little Mario? We could use that now.
Or Nuevo Hursey.
People worry about bailing out Detroit but the simple fact is that cities nationwide are getting tons of money all the time.
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!
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.
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.
Default will not happen. The WH is surrounded by banks.
You would think a governor of a state would be embarrassed to admit his state relies on the feds for wealth and prosperity.
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.