With the country’s debt spending limit still in question, the New York City Comptroller has issued recommendations on what the city should do in case lawmakers allow the United States to default on its loans.
In preparation for failed debt ceiling negotiations, Liu recommended that the city create an emergency Debt Ceiling Task Force comprised of representatives from his office, the mayor’s Office of Management and Budget (OMB) and the City Council.
That task force, according to a release from Liu’s office, would explore how to help the city’s 1.1 million senior citizens and disabled persons that would not receive their social assistance payments if the nation goes into default.
“The irresponsibility and ineptitude being demonstrated in our nation’s capital could cause profound damage to our City, first and foremost with more than one million seniors and disabled New Yorkers being cut off from their primary source of income,” Liu said in a statement.
The comptroller recommended that the city work with banks to open credit for seniors to help make up for those payments. He also requested an analysis of how city-funded services could get increased support if more seniors needed help.
Lawmakers met early Monday afternoon after President Barack Obama announced that lawmakers had agreed on the framework for a budget that would increase the debt limit and cut trillions of dollars in spending this past Sunday night.
Talks were still ongoing Monday afternoon as the looming debt-ceiling default deadline approached on Tuesday. But congress members were still unclear when an official vote would happen as they tried to garner enough support from both Republicans and Democrats for the budget plan.
