Federal Default Could Knock NY For $2B Loop, Cuomo Warns

Law360, New York (October 9, 2013, 2:14 PM EDT) -- A default on the federal debt triggered by political wrangling in Washington could blast a $2 billion hole in New York's tax base, Gov. Andrew Cuomo warned Wednesday, adding that state borrowing costs could escalate in the bond market and that neither private job growth nor key infrastructure projects would be spared the pain.

The Democratic governor's warning came in a statement on the ninth day of a partial government shutdown that began when the Republican-controlled U.S. House of Representatives, in search of concessions on matters...
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