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.
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.
Detroit’s bankruptcy judge will interview five candidates so he can choose one to help decide whether the city’s debt-adjustment plan is viable, including Richard Ravitch, who helped New York City resolve its fiscal crisis in the 1970s.
The service interruption Metro- North Railroad near New York shows how dependent the busiest U.S. passenger-rail corridor is on electric power and how easily a breakdown in one component can paralyze U.S. infrastructure.
Imagine a company that allows its employees to take nothing in salary this year in exchange for promissory notes to pay them twice as much in 10 years. Although there would be no immediate cash outlay, the company would still be required to accrue expenses reflecting the promises.
As guests dined on tea-smoked quail at a party in Washington last month, Lieutenant General Douglas Lute , President Barack Obama ’s coordinator for Afghanistan policy, stood to offer praise for a new report.