Articles Tagged ‘Deficit’

Ronald Stack, chairman of the Nassau Interim Finance Authority, left, speaks to the media during a public meeting in Uniondale, N.Y., Wednesday, Jan. 26, 2011. The authority voted unanimously to take control of the county's finances after it determined that Nassau will most likely run a deficit of more that 1 percent. The decision could eventually lead to a wage freeze for thousands of county employees. (AP Photo/Seth Wenig)

Nassau County to Sue NIFA for Financial Takeover

A fiscal watchdog agency, citing a potential $176 million gap…



Federal Deficit Surges to $1.42 Trillion in 2009

WASHINGTON (AP) — What is $1.42 trillion?

It’s more than the total national debt for the first 200 years of the Republic, more than the entire economy of India, almost as much as Canada’s, and more than $4,700 for every man, woman and child in the United States.

It’s the federal budget deficit for 2009, more than three times the most red ink ever amassed in a single year.



Nassau’s Balancing Act

When Nassau County Executive Tom Suozzi, a Democrat, took office as the county’s chief financial manager in 2002, the Certified Public Accountant and former mayor of Glen Cove had his work cut out for him. Years of fiscal mismanagement under the previous administration of Republican Tom Gulotta had left the county in a state of economic collapse and on the brink of bankruptcy.