New York is facing the nightmare scenario that its political leaders have feared since the 1970s, when the city nearly went bankrupt. It is staring down a budget hole of more than $5 billion, along with hard questions about how to fill it. Mayor Bill de Blasio has asked the State Legislature to give him the authority to borrow the $5 billion. In the end, New York may have to borrow some money until revenues recover and the city is back on its feet. Like other areas of the country hard-hit by the coronavirus, the city and state will also need more federal aid in the months and years ahead.

Source: New York Times September 07, 2020 15:00 UTC