New York City Capital Debt Up 87% Since 2000
NEW YORK (AP) — New York City Mayor Michael Bloomberg has urged the federal government to live within its means. But at the same time the city’s capital debt has nearly doubled since 2000.
The city’s capital debt has risen from $39.2 billion in 2000 to $73.5 billion in 2011, the New York Post reports. That’s $8,763 per New Yorker.
Last week Bloomberg gave a speech in Washington urging the federal government to move quickly to reduce its deficit.
The Bloomberg administration said the federal and city debts are not the same. It says the city faithfully makes the payments on its debt every year.
The capital debt is made up mainly of bonds that the city sells to fund construction projects.
(Copyright 2011 by The Associated Press. All Rights Reserved.)