Wall Street bankers perceive New York’s $9 billion budget deficit as an opportunity to propose financing deals that may worsen the state’s long-term fiscal condition, Lieutenant Governor Richard Ravitch said.
Richard Ravitch, who helped New York weather its fiscal crisis in the 1970s, was named by the judge overseeing Detroit’s record municipal bankruptcy as a court consultant on that city’s debt-cutting plan.
Richard Ravitch, who helped steer New York City out of a fiscal crisis in the 1970s, said the federal government should track states’ debt and fiscal health while insisting they improve budgeting and meet obligations such as pensions as the price of getting U.S. aid.
New York , approaching its borrowing limit, needs new revenue sources to maintain its transportation system and back debt for projects such as replacing the Tappan Zee Bridge , Lieutenant Governor Richard Ravitch said.
New York state relies on gimmicks and nonrecurring revenue to pay for rising pension costs and the most-generous Medicaid benefits in the U.S., said a group led by former Federal Reserve Chairman Paul Volcker and former Lieutenant Governor Richard Ravitch.
New Jersey’s pension contribution may consume almost one-fifth of its annual budget by 2018 under a law enacted by Republican Governor Chris Christie, according to a group led by former Federal Reserve Chairman Paul Volcker and Richard Ravitch, the former New York lieutenant governor.
U.S. state revenue isn’t rising fast enough to keep up with the cost of funding pensions, health care and public works projects, underscoring financial strains that persist during the economic recovery, according to a report.