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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.