New York City is careening closer to all-out financial bankruptcy for the first time since Mayor Abraham Beame ran the city more than 40 years ago, experts say.
Long-term debt is now more than $81,100 per household, and Mayor Bill de Blasio is ramping up to spend as much as $3 billion more in the new budget than the current $89.2 billion.
“New York City could go bankrupt, absolutely,” said Peter C. Earle, an economist at the American Institute for Economic Research.
“In that case, the city would get temporary protection from its creditors, but it would be very difficult for the city to take on new debt.”
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