Friday, April 30, 2010

Ravitch: New York Deficit Could Swell to $15 Billion Next Year

33 States of the USA are headed for Bankruptcy.

Jim

Speaking to a midtown audience of real estate developers, Ravitch said he does not expect the state to reach a budget deal any time soon, despite the state's desperate fiscal situation. The budget is nearly one month late and Ravitch says there are no external triggers forcing lawmakers and the governor to act.

"States can’t go into bankruptcy. They are not included in the bankruptcy code," he says.

Source: wnyc.orga

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