Share this article

print logo


Washington's city government faces a financial crisis rivaling that of New York City when it tottered near bankruptcy in the 1970s, says a financial adviser to Mayor-elect Sharon Pratt Dixon.

Franklin D. Raines said the District of Columbia's deficit for this fiscal year could reach $300 million, about $100 million more than the figure estimated by the administration of departing Mayor Marion S. Barry Jr.

"In five or six months, the district will run out of cash and be unable to meet payrolls or pay its bills unless drastic actions are taken immediately," Raines wrote in a memorandum obtained by the Washington Post.

There are no comments - be the first to comment