Mayor May Use Retirement Health Care Fund To Plug City Deficit
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Mayor Michael Bloomberg appeared to be changing his tune Friday regarding a proposal to tap a retirement health care fund to help plug the city's deficit.
After resisting Governor Andrew Cuomo's suggestion, Bloomberg said the city might have to use that money after all to balance the budget, unless Albany lawmakers reverse the cuts that Cuomo has planned for the city.
"The money we have aside is to pay for health care benefits for retirees, and for other things we can use some of the money if we absolutely have to," said the mayor on his Friday radio show.
A City Hall spokesman said the money is reserved for health care costs and adds the $2 billion in the fund will barely make a dent in a much larger hole, a $70 billion obligation to retirees.