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U.S. cities seek federal help to ease economic crisis
- Text size
Jon Hurdle
Reuters
November 14, 2008
Three major American cities buffeted by the global financial crisis are requesting at least $50 billion in federal funds to help pay for infrastructure improvements, pensions and short-term borrowing.
- A d v e r t i s e m e n t
Philadelphia, Phoenix and Atlanta are asking U.S. Treasury Secretary Henry Paulson to release funds from the $700 billion financial bailout authorized by Congress last month.
Philadelphia Mayor Michael Nutter will hand-deliver the request to Paulson on Friday, spokesman Luke Butler said. Five or six other cities, including Chicago, may also sign on, Butler added.
Congress set up the so-called Troubled Asset Relief Program to help banks and other institutions that were ensnared in the global credit crisis. But since President George W. Bush signed the bill into law, numerous other entities, including the U.S. auto industry, have lined up for help.
In recent weeks, some cities have announced layoffs and service cuts as slumping tax receipts create budget shortfalls. Philadelphia, for example, will eliminate hundreds of jobs and shut libraries and swimming pools to close a $108 million gap in its current $4 billion budget.
“We who run some of America’s larger cities are dealing with the economic damage wrought by the credit and housing crises,” the mayors’ letter to Paulson said.
“The economic contraction precipitated by these twin crises is forcing us, and mayors all over the country, to dramatically reduce programs and services for millions of residents.”
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November 14th, 2008 at 12:10 pm
I live right outside Philadelphia and can tell you first hand… even though it’s my tax money in the long run, I would rather my city get $50 Bill than the dirty bankers who engineered this bailout… our bridges are failing… and are tolls just keep going up and up and up…
November 14th, 2008 at 12:12 pm
#1 HELLO:…Your a freak and a lost soul, I only pray that Jesus will help you but if that is not enough, then you will most definitely pay for your crimes on this earth. Don’t you see how screwed you are with your so called NWO…everyone knows and you are going nowhere fast! If you believe that this body is the shiznit, that the chunk of fat and water you walk around in is gonna save you from yourself or even the rest of us, you couldn’t be more wrong. At least I know that after I die I coming back with Jesus and his Angels with a new body, one that will not be broken and all you criminals are going to burn 4 ever!
November 14th, 2008 at 12:15 pm
We did not make up the name “New,World,Order” that phrase comes from the Worlds leaders
mouths and Alex is simply repeating their own words and wants of a slave society!!
I take your comment is being sarcastic but if not then your one f---ed up soul!
November 14th, 2008 at 12:36 pm
Hi, Hello. I’m not impressed by anyone who can’t spell – - – do us all a favor and take a long walk off a short pier, and take your rat kid with you.
November 14th, 2008 at 1:20 pm
I live in philly and f--- mayor Nut-ball and that deviate, JFK Jr. murder covering up peice of s--- Rendell- trying to filibuster the primaries for that lesbian witch Hillary if she didn’t win. Hey Nut-Ball stop all the corruption, stop all the Vincent Fumos, stop all the Fattahs (voting for that bailout of the bankers!!) stop these things and the bulls--- money laundering at pennslanding then you won’t have to lick paulson’s ass to keep the libraries open and to put more cops on the streets
You dickheads think philly has a high murder rate now, well just wait till they start laying off cops.
And #1 read my name you piece of s---!!!!!!!
November 14th, 2008 at 2:24 pm
Post 1…in the words of Andrew Jackson…”I will Rout You”. Your Cowardice post leads me to believe you have no purpose in the gene-pool since you have conceded that you are already inferior. Thank God our founding fathers were not weak as yourself. A Rat is what you prove to be. When the time comes you should worry about being called a Traitor and a Traitors death you will have. Consider yourself lucky I am not next to you. Continue to use the anonymity you have before Darwin’s theory uses you as an example.Oh yes…mister whistle-blower…you are also on this site…what does that make of you?Spies are Traitors as well
November 14th, 2008 at 2:30 pm
Just like the bailouts for automakers……… get bent you worthless POS’s. Local city, county & state governments threw caution to the wind and spend like dunken fools on everything EXCEPT real infrastructure projects……. now cities have been looting, as parasites do, the public for anything they can dream up…… even $100.00 tickets for “use of language” violations. NO bailouts for states/cities……….. let them fail.
November 14th, 2008 at 2:33 pm
HELLO, just so you know where all laughing at you. So pitiful. I would try and put some sense into your little brain but. You are already dead inside, so whats the point.
I hope that the world comes to terms with these international banking terrorists before theres nothing left. Fear fear fear… who is creating the fear. Well it would seem that almost every TV station could be considered the terrorist for making everyone panic, so they just through money at it hoping that the boogie man wont come. Not to smart Sheeple
November 14th, 2008 at 3:47 pm
States can provide immediate relief for themselves by EMPTYING THEIR PRISONS of non-violent offenders, stop making private prison corps rich and PASS A DECRIMINALIZATION OF MARIJUANA BILL, and re-visit the mandatory sentencing guidelines.
We are all working to enrich the prison mentality. We are way off balance with this compared to the rest of the entire world.
Don’t bail out prison-happy states like California.
November 14th, 2008 at 6:29 pm
I’m lovin this and get to watch the country’s demise in HDTV, love it!
November 14th, 2008 at 6:29 pm
Iran was correct, the Great Satan is in Hell
November 14th, 2008 at 6:52 pm
I can’t wait for the United States to go down in flames. Down in flames it will go. It is the only way we will be able to galvanize the rebirth of a new stronger nation. We have to clean the gene pool. All the perverted, corrupted, and Marxist s---holes in Congress need to go down.
November 14th, 2008 at 9:31 pm
You are seeing with your own eyes, the massive feeding frenzy lusting to get their hands on some of the trillions of dollars changing hands and the commoners will see nothing but a Global Government quickly being constructed all around them.
You will soon see your world closing in to a tightly controlled fascist dictatorship and you will become a slave to this system unless you start to move against this system of control.
You are being led to slaughter and brainwashed to think these people are all powerful and there is nothing you can do to fight against them, BULLs---!
You have strength in numbers, but you must learn to work together if you can expect to defeat these evil criminals, You are all powerful against this machine if would only believe in yourselves.
You don’t seem to think there is anything you can do against a regime that you are disillusioned thinking you are powerless. It’s a mindf---! They have you believing you are powerless and their numbers are less than 20 thousand and we are millions in sheer numbers and you still believe you cannot do anything.
If you continue to dwell on the crap they are feeding you, you will get absolutely nowhere against them. We MUST take the time to fight them physically and then we will prevail.
When you lose your job and can no longer make the payments on your humble abode, maybe then will you see that this is worth fighting against.
November 14th, 2008 at 11:12 pm
I think the cities and states should go to Japan or China for a loan. Those countries have all sorts of hard cash. Japan is already buying up struggling USA companies – why not struggling USA governments?
8^P
November 15th, 2008 at 2:48 am
If you don’t know what is going on with this you are living in a cave. And congratulations, you have made the greatest real estate decision in decades!
November 15th, 2008 at 5:21 am
how about raising taxes? on all the people who are no longer working, that’ll work. until noone is working. then what will the corrupt government do? borrow more? from who? china? what happens when china wants to collect and they can’t? will they repo america? except for what this crisis is doing to the american people, the cronies in charge are getting their just desserts.
November 15th, 2008 at 6:28 am
hmm, cities are laying off workers (nyc cops) and obama wants to pay for a civil defense corps?
this stuff just don’t add up.
November 15th, 2008 at 10:17 am
Seneca264, very well said!
November 15th, 2008 at 11:27 am
If the intention is to bail the people out…this would probably be a reasonable start. The corruption has spread to our local communities…that’s for sure. However, the terms and conditions on the next loan applicationwill be quite different. Taking into consideration that I, shareholder to The United States Corporation, being a human being and learning from my past mistakes and errors, would construct the next loan agreement to have strict guidelines and someone to make sure they adhere to the contract they sign. They will be subject to a credit check, UCC search and may need to place some collateral down to insure a remedy is in place in case of default, placing leins on the corporation (in the state they are licensed and registered in). Seeing as though they would be borrowing from their employer (so to speak), they’d need to sign another contract, adhering and actual BODY to the corporation, to insure the people they seem to claim to be helping.
What a tangled web THEY weave.