Document Actions
Three Cities Ask Treasury for Help Meeting Costs
The New York Times
Philadelphia, Phoenix and Atlanta will seek at least $50 billion in emergency financing on Friday from the federal Treasury to help with infrastructure renewal, pension costs and short-term borrowing, which have all been curtailed by the credit crisis.
The cities are calling on Treasury Secretary Henry M. Paulson Jr. to release the money from the $700 billion Troubled Asset Relief Program authorized by Congress to bail out banks and financial institutions.
About a half-dozen other cities, including Chicago, are reviewing the plan and may sign on, said a spokesman for Mayor Michael Nutter of Philadelphia, who is leading the initiative. On Friday, Mr. Nutter will personally give Mr. Paulson a letter outlining the proposal.
>> Read the Full Article
