New York may declare fiscal crisis and resume "spring borrowing"

04/26/2010 | Wall Street Journal, The

New York officials are considering declaring a fiscal emergency, which would allow it to sell $1 billion that would be repaid with revenue it expects later in the year. "We are going to have to borrow, and we're going to have to borrow in the next couple of weeks in my opinion," said Assemblyman Herman D. Farrell Jr., a Democrat. New York has not used the practice known as "spring borrowing" since it was eliminated in 1993 by Gov. Mario Cuomo.

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