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Groundwork for New York City Budget Collapse in 1964 Decision
A $26 million shift moved ordinary expenses into the capital budget, enabling city borrowing for routine costs. The change, allowed in mid-1964 by Gov Rockefeller and the state legislature, helped pave the way for New York City's later debt crisis and a budget that ballooned from 3.3 billion in 1965 to 12.2 billion.
MENTIONED IN THIS ARTICLE
New York
Lee Mitgang
New York City
Robert F. Wagner
Nelson A. Rockefeller
Wagner
John V. Lindsay
Abraham D. Beame
Beame
Lindsay
New York State
Arthur Levitt
City Transit
Citizens Union Research Foundation
Citizens Budget Commission
Chicago