New York City State Aid

Once again, New York is facing troubled financial times. The lights are burning past midnight in the state capital of Albany as legislators struggle to forge a new budget. The bond rating services are critical, and residents are unhappy at the thought of even more taxes. Political reputations in an election year are on the griddle. After almost a decade of growth, New York state and its largest city have joined the rest of the Northeast in an economic downturn.

The New York Stock Exchange, that bastion of capitalism, agreed Tuesday to stay in New York City--thanks to the largest government subsidy in New York history. New York City and the state will spend about $400 million on a new trading complex across the street from the NYSE's current headquarters. The exchange, long wooed by surrounding states, also will get $160 million in tax waivers. As part of the plan, a developer will build an office tower above a planned 650,000-square-foot trading floor.

Gov. Mario M. Cuomo said he and legislative leaders had reached a tentative budget compromise that could provide additional aid to New York City and the state's 700 school districts. New York City Mayor David N. Dinkins has said additional state aid is crucial to producing a balanced budget.

Gov. Mario M. Cuomo said he and legislative leaders had reached a tentative budget compromise that could provide additional aid to New York City and the state's 700 school districts. New York City Mayor David N. Dinkins has said additional state aid is crucial to producing a balanced budget.

New York's Central Park Zoo will close, thousands of workers will be fired and essential services will be slashed unless legislators and labor leaders come to the city's aid, Mayor David N. Dinkins said Saturday. "There is no adjective sufficient to describe the consequences New Yorkers will have to bear if New York is forced to go it alone," Dinkins said after meeting with Gov. Mario M. Cuomo.

Mayor David N. Dinkins said that New York City must borrow another $3 billion to keep functioning if the state fails to adopt a budget today so it can provide aid to the city. Dinkins said such borrowing would cost the city an additional $20 million in interest. The budget stalemate in Albany, the state capital, has already cost the city $19 million in interest. New York City faces a $3.5-billion budget gap in its worst fiscal crisis since 1974, when it barely avoided bankruptcy.

The New York Stock Exchange, that bastion of capitalism, agreed Tuesday to stay in New York City--thanks to the largest government subsidy in New York history. New York City and the state will spend about $400 million on a new trading complex across the street from the NYSE's current headquarters. The exchange, long wooed by surrounding states, also will get $160 million in tax waivers. As part of the plan, a developer will build an office tower above a planned 650,000-square-foot trading floor.

Mayor David N. Dinkins said that New York City must borrow another $3 billion to keep functioning if the state fails to adopt a budget today so it can provide aid to the city. Dinkins said such borrowing would cost the city an additional $20 million in interest. The budget stalemate in Albany, the state capital, has already cost the city $19 million in interest. New York City faces a $3.5-billion budget gap in its worst fiscal crisis since 1974, when it barely avoided bankruptcy.

New York's Central Park Zoo will close, thousands of workers will be fired and essential services will be slashed unless legislators and labor leaders come to the city's aid, Mayor David N. Dinkins said Saturday. "There is no adjective sufficient to describe the consequences New Yorkers will have to bear if New York is forced to go it alone," Dinkins said after meeting with Gov. Mario M. Cuomo.

Once again, New York is facing troubled financial times. The lights are burning past midnight in the state capital of Albany as legislators struggle to forge a new budget. The bond rating services are critical, and residents are unhappy at the thought of even more taxes. Political reputations in an election year are on the griddle. After almost a decade of growth, New York state and its largest city have joined the rest of the Northeast in an economic downturn.