D.C.’s Leaders to Promise Wall Street Deep Budget Cuts

January 26, 2011  |  

(Washington Examiner) — The District’s top finance officials will soon be heading to Wall Street to deliver a message that they’re prepared to make deep cuts to the city’s budget to preserve D.C.’s creditworthiness.  Mayor Vincent Gray and Chief Financial Officer Natwar Gandhi will be joined by D.C. Council Chairman Kwame Brown and Ward 2 Councilman Jack Evans, who heads the finance and revenue committee, on a Feb. 10 trip to New York City to meet the top three bond-rating agencies. If they’re successful in convincing Standard & Poor’s, Moody’s and Fitch that the city’s finances are on the right track, they could save the District millions of dollars in interest on the cash D.C. borrows to construct buildings and roads. The city now has an almost perfect rating.
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