New York Faces Cash Squeeze in December, Governor Paterson Says

Bloomberg reports:

New York Governor David Paterson said the state may not have enough money in December to pay all its bills, as he urged legislators to quickly agree to plans to close a $3.1 billion deficit and raise cash.

Bond rating companies will be watching the state, and could reduce New York’s ranking if it drew money from its $1.2 billion rainy day fund or created a financial plan with unrealistic revenue forecasts, Paterson said at an Albany meeting with leaders of the Senate and Assembly.

Great moments in Blue America.