States and Cities Brace for Less Federal Money

With the economy not yet recovered, many around the country are concerned the outcome on the debt ceiling legislation will adversely affect states and cities that have already been struggling financially.

Tom Cochran, the executive director of the United States Conference of Mayors, said that the proposed cuts in the debt ceiling deal were “devastating” to cities...“They mean fewer cops, fewer firefighters and less money for job creation projects, housing and elderly care,” he said in a statement. “... We must close tax loopholes to the wealthy and corporations and look at other revenue adjustments. The focus now must be on investments for job creation because we can’t cut our way to economic prosperity.”  [Full Article: The New York Times]