Three cities plan to ask for TARP funds

11/14/2008 | NYTimes.com

Philadelphia, Phoenix and Atlanta were set to ask the Treasury for $50 billion in emergency financing today. The cities have been hit hard by the credit crisis and need the money to help with infrastructure renewal, pension costs and short-term borrowing. The cities are asking the Treasury to release the money from the $700 billion Troubled Asset Relief Program authorized by Congress last month.

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