NYC Borrowing Plan Cut to $5 Billion in Bid for State Approval
- De Blasio has previously sought to borrow up to $7 billion
- Mayor says he may have to lay off as many as 22,000 workers
Bill de Blasio
Photographer: Demetrius Freeman/Bloomberg
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New York Mayor Bill de Blasio said he is reducing his request for borrowing authority to $5 billion from $7 billion as he tries to win state approval for his plan to close a lockdown-induced budget gap.
The city has lost $9 billion in revenue since February because of the novel coronavirus crisis. It has cut $2.7 billion and is looking for another $1 billion, but it’s still seeking assistance from the federal and state governments.