red states rule
11-14-2008, 03:45 PM
And it continues. More people with their hands out
Mayors ask feds for bailout money
by The Associated Press
Friday November 14, 2008, 9:55 AM
WASHINGTON, D.C. -- Three mayors are pressing the federal government to use a portion of the $700 billion financial bailout plan to help large U.S. cities with pension costs, infrastructure investment and cash-flow problems stemming from the global financial crisis.
Philadelphia Mayor Michael Nutter traveled to Washington on Friday to deliver a letter to Treasury Secretary Henry Paulson. The letter is signed by Nutter, Atlanta Mayor Shirley Franklin and Phoenix Mayor Phil Gordon.
"We who run some of America's larger cities are dealing with the economic damage wrought by the credit and housing crises as we write this to you," the letter reads. "The economic contraction precipitated by these twin crises is forcing us, and mayors all across the country, to dramatically reduce programs and services for millions of residents we serve."
Last week, Nutter announced Philadelphia would be laying off city employees, cutting salaries, closing most of its swimming pools and shutting nearly a dozen library branches to cope with a $108 million shortfall this year caused by lower business and real estate tax revenue. The deficit could grow to a total of $1 billion over five years.
In Phoenix, the city is expecting a $250 million deficit this year, which could lead to cuts in police, fire, parks and library services, Nutter has said.
The three mayors propose providing loans to help cities pay pension costs. They also want $50 billion in loans for investment in infrastructure, and additional one-year loans to cities unable to borrow cash because of the tight credit markets.
The Philadelphia pension system lost more than $650 million in the first nine months of the year.
http://www.pennlive.com/midstate/index.ssf/2008/11/mayors_ask_feds_for_some_of_ba.html
Mayors ask feds for bailout money
by The Associated Press
Friday November 14, 2008, 9:55 AM
WASHINGTON, D.C. -- Three mayors are pressing the federal government to use a portion of the $700 billion financial bailout plan to help large U.S. cities with pension costs, infrastructure investment and cash-flow problems stemming from the global financial crisis.
Philadelphia Mayor Michael Nutter traveled to Washington on Friday to deliver a letter to Treasury Secretary Henry Paulson. The letter is signed by Nutter, Atlanta Mayor Shirley Franklin and Phoenix Mayor Phil Gordon.
"We who run some of America's larger cities are dealing with the economic damage wrought by the credit and housing crises as we write this to you," the letter reads. "The economic contraction precipitated by these twin crises is forcing us, and mayors all across the country, to dramatically reduce programs and services for millions of residents we serve."
Last week, Nutter announced Philadelphia would be laying off city employees, cutting salaries, closing most of its swimming pools and shutting nearly a dozen library branches to cope with a $108 million shortfall this year caused by lower business and real estate tax revenue. The deficit could grow to a total of $1 billion over five years.
In Phoenix, the city is expecting a $250 million deficit this year, which could lead to cuts in police, fire, parks and library services, Nutter has said.
The three mayors propose providing loans to help cities pay pension costs. They also want $50 billion in loans for investment in infrastructure, and additional one-year loans to cities unable to borrow cash because of the tight credit markets.
The Philadelphia pension system lost more than $650 million in the first nine months of the year.
http://www.pennlive.com/midstate/index.ssf/2008/11/mayors_ask_feds_for_some_of_ba.html